Nicolas sarkozy

In a narrow victory this weekend, French voters ousted incumbent presidential candidate Nicolas Sarkozy in what many see as a popular referendum against harsh austerity measures in Europe

Incumbent Nicolas Sarkozy came in second yesterday to Socialist Francois Hollande in the first round of voting. The two candidates will face a run-off on May 6th, and the ultimate outcome could have big consequences for Europe's debt crisis.

European markets are down significantly, and that's being blamed on elections over the weekend in France that increase the likelihood that Conservative President Nicholas Sarkozy will lose his job.

France will try to borrow a lot more money today. But the low borrowing costs the country has seen every since the European Central Bank handed out a trillion dollars in emergency loans are no longer a sure thing -- that money may be running out.

At the European summit today, focus is not only on Greece's debt, but a French plan to charge banks a fee for each and every financial transaction.

In Berlin today, German Chancellor Angela Merkel and French president Nicolas Sarkozy meet for the first time this new year to talk about European debt, and treaties to allow for more budget control of eurozone nations.

Nicholas Sarkozy and Angela Merkel are speaking in Berlin today, trying to hash out the details of a master plan to save the euro. But it appears the leaders are still working on the same old problems.

It is a big week for the European debt crisis, as French and German leaders plan for a meeting Friday.

European leaders met in France today to try to make headway on the ongoing debt crisis there. German Chancellor Angela Merkel emerged from those meetings unmoved.