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Transcript by Newsy: http://www.youtube.com/user/NewsyWorld/featured (Image source: euronews) BY STEVEN SPARKMAN ANCHOR CHRISTINA HARTMAN Sunday's elections in France and Greece showed voters aren't fans of the EU's austerity policies. France's Socialist party now holds the presidency for the first time in nearly four decades. (Video source: Al Jazeera) And the Greek vote shattered the two main parties as voters fled to smaller, anti-austerity fringe parties. (Video source: The Guardian) That has analysts asking: what does this mean for EU austerity? Some see doom and gloom, like Fox News's Stuart Varney who commented on the world-wide slump in markets after the election news. "They hate the election because they can see another debt crisis coming in Europe which will ripple around everywhere. All stock markets around the world are down, Wall Street included. Your 401k takes a hit." But opponents of austerity are taking the chance to crow, saying austerity is an all pain, no gain policy. Economist Paul Krugman wrote in his New York Times column that without Nicolas Sarkozy, the austerity treaties have a rocky future. "What is true is that Mr. Hollande's victory means the end of 'Merkozy,' the Franco-German axis that has enforced the austerity regime of the past two years. This would be a 'dangerous' development if that strategy were working, or even had a reasonable chance of working. But it isn't and doesn't; it's time to move on." Krugman goes on to suggest the unthinkable: dismantling the euro. Media and economic sources treat that option as taboo, but a blogger for The Economist says even if you want to preserve the euro, austerity might not be the answer. "The point is that the economy that matters is that of the euro zone as a whole. And when one steps back and looks at the dynamics in play, it becomes clear that the robotic push for national-level austerity across the euro zone is undermining integration and thereby exacerbating the crisis." But a CNN analyst says it doesn't really matter what the voters want — ultimately, the markets will have the final say. "These are the people celebrating Hollande's election in France, right? They're very happy. They're celebrating. They're silly people, because they will not get what they want. The markets will impose austerity on France, regardless of whether or not they want that." Hollande says he wants to stimulate economic growth to try to lower unemployment. Similar promises have caught on in Greece. But a blogger at Mindful Money says a middle ground may be the best answer. "Austerity alone is increasingly understood to be an insufficient cure. But completely abandoning the strategy just to appease the voters isn't the answer either. A more balanced approach between austerity and growth is what is called for..." Greece's political future is still up in the air. If a coalition government can't be formed in the next few weeks, the country could hold another election as early as mid-June.