French president Hollande decides not to seek re-election next year

French President Francois Hollande has announced that he will not seek re-election next year as he bowed to historically low approval ratings after a troubled five years in power.

The 62-year-old Socialist leader put a decisive end to speculation in a solemn televised statement from the Elysee Palace in Paris yesterday. Hollande's popularity has hit rock bottom after a term in office marked by U-turns on major policies, terror attacks, high unemployment and embarrassing revelations about his private life.

style="font-family: Arial, sans-serif; font-size: 10pt;">A new poll on Wednesday predicted he will win just 7 percent of votes in the first round of next year's election in April strengthening critics in the Socialist party who view him as a lame duck.Voter surveys currently tip right wing Republicans party candidate Francois Fillon to win the election, with the far-right National Front candidate Marine Le Pen seen as his closest challenger.

Hollande's withdrawal leads the field open for France's divided ruling Socialist party which began accepting candidates today for a party primary race due on January 22 and 29.