The ratings agencies also gave Hollande the benefit of the doubt. Standard & Poor's, which stripped France of its prized AAA rating in January, said Hollande's election win had "no immediate impact" on its credit rating, while rival Fitch also said there were no implications for France's rating (which it still rates as AAA). 07.13 Three days is a long time in politics. France has a new president, Francois Hollande of the Socialist party. Greece doesn't, having failed to elect a government with a working majority, and Germany? Well, the photo says it all. German Chancellor and Christian Democratic Union party leader Angela Merkel reacts before a party board meeting in Berlin on Monday (Photo: Reuters). 07.10 Good morning and welcome back to our live coverage of the European debt crisis. Hope you enjoyed the (rather wet) bank holiday weekend.