François Hollande was sworn in as president of France on Tuesday, putting the country under the leadership of a Socialist for the first time since 1995. The inauguration of the new president was on the day that it was reported that the French economy grew at a zero percentage rate in the first quarter of 2012. Meanwhile, Greece is heading for a  new general election after talks chaired by the president failed to get an agreement on a coalition government.

The Central Bank’s financial accounts for the fourth quarter of 2011 shows that Irish public debt rose to €173.3bn - - an all-time record. The total increased €3.2bn or 2% on the previous quarter. The increase in government liabilities over the period reflected the receipt of further funding from the EU/IMF programme of €7.7bn.

GDP (gross domestic product) growth was 0.0% in the Eurozone (EA17) and 0.01% in the EU27 in the first quarter of 2012, compared with the previous quarter, according to flash estimates published by Eurostat, the statistics office of the European Union. In the fourth quarter of 2011, growth rates were -0.3% in both zones.

Markets news on stocks, currencies and commodities;  French GDP growth dipped to 0.0% in Q1 2012; DCC reports fall in 2011/2012 profit.

Principal news stories from the Irish Independent, Irish Times and Irish Examiner.

Germany’s economy, the biggest  in Europe, grew better than expected in the first quarter 2012, driven by a surge in net exports, data released Tuesday shows.

Moody’s Investors Service announced on Monday that it had downgraded the credit ratings of 26 Italian banks, a move that coincides with fears about Greece’s future in the euro system and the wobbly position of Spanish banks. Meanwhile, Spanish bond yields spreads over German Bunds hit a euro-era high.

In the month of March 2012, seasonally adjusted industrial production fell by 0.3% in the Eurozone (EA17) and by 0.4% in the EU272. In February production rose by 0.8% and 0.4% respectively. In March 2012 compared with March 2011, industrial production dropped by 2.2% in the Eurozone and by 1.9% in the EU27. These estimates were released today by Eurostat, the statistical office of the European Union.

Markets news on stock, currencies and commodities: Yahoo replaces CEO for third time in as many years.

Principal news stories from the Irish Independent, Irish Times and Irish Examiner.