France's Hollande not to seek second term as president

12/1, 8:20 PM (Source: TeleTrader.com)

France’s President Francois Hollande said on the national television on Thursday he decided not to seek another presidential term in the upcoming election.

"I have decided that I will not be a candidate," Hollande stated. He warned the nation of potential risks in case of the election of far-right National Front candidate Marine Le Pen.

The president's announcement, which is likely a result of his low approval ratings, makes him the first president in France after World War II not to stand for re-election, with the exception of George Pompidou who died during his term.

Earlier today, former Economy Minister Arnaud Montebourg announced he will run in the Socialist presidential primary scheduled for January 2017. Other confirmed candidates from Hollande's party are Senate member Marie-Noelle Lienemann and former Education Minister Benoit Hamon.

Last week, the French Republicans party chose Francois Fillon as their nominee for the presidential election in April.

Teletrader Newsroom / NP