10 things you need to know today: May 7, 2012

French and Greek voters reject austerity, an American hostage appeals to Obama, and more in our roundup of the stories that are making news and driving opinion

A defaced poster of President Sarkozy is seen as the French run-off election is held on May 6: Socialist candidate Francois Hollande defeated the incumbent Sarkozy on Sunday.
(Image credit: Patrick Aventurier/Getty Images)

1. EURO, MARKETS DOWN AFTER ELECTIONS IN FRANCE AND GREECE

The euro and markets have tumbled following game-changing elections in Europe. Socialist Francois Hollande beat incumbent Nicolas Sarkozy in the French presidential run-off; meanwhile, in Greek parliamentary elections, voters dealt a blow to long-dominant political parties in favor of supporting anti-bailout groups. Both elections show voters chafing against the austerity measures of the German-led plan to deal with Europe's debt crisis and are expected to have wide-reaching consequences. [Washington Post]

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