Markets fall as Europe votes against reforms

As financial markets woke up to news of the defeat of European leaders that backed the austerity measures in France, Greek, and Germany, the euro went tumbling in Asia and equity markets followed not long after. France’s Nicolas Sarkozy and Germany’s Angela Merkel, the two main leaders in the region’s austerity-before-growth policy amid economic slowdown and financial mess, faced tough times at the polls as voters punished them for their financial-turned-social sufferings. With the changing of the guards, markets are worried the last batches of the phased reforms would not push through, creating more uncertainties.

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