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Personally, I understand the intervention by Hollande. With the upcoming elections he doesn't need an exit from the Eurozone around.
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I agree that he has been hanging back and playing the role of observer only to intervene in the final hour. Can he be the 'hero' in this situation? I am not sure. And really I mean that I am not sure the French will see him this way. But if he fails, in front of him is a very difficult 2017 campaign.