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France’s Carmignac Fears Hollande, Bets on Merkel, Die Welt Says

Edouard Carmignac, the founder of French fund Carmignac Gestion, said a victory by presidential challenger Francois Hollande tomorrow may hamper the reform efforts that are necessary to spur France’s economy, Welt am Sonntag reported.

Carmignac, who oversees funds including the 21 billion-euro ($27.5 billion) Patrimoine A fund, said Chancellor Angela Merkel should make clear that Germany won’t write the checks for Hollande’s political plans should he win the election against Nicolas Sarkozy, the Berlin-based newspaper cited him as saying in an excerpt of an interview that will be published tomorrow.

Carmignac is relying on Merkel to do all in her power to “bring Hollande back to earth,” the fund manager is cited as saying. He foresees the euro-area shrinking to a group of core countries that maintain ties to a collection of satellite states through trade or currency agreements over the next 10 years, according to the newspaper.

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