Nicolas Sarkozy under investigation for 2012 campaign funds. GOOD!

The 61-year-old spent nearly an entire day being questioned by magistrates at the Paris financial prosecutor's office on Tuesday- not retired yet?

Nicolas Sarkozy, the former President of France, has been placed under formal investigation over irregularities in the finances of his 2012 re-election campaign.

The probe, which will have dealt a severe blow to Mr Sarkozy's hopes of running again in 2017, was announced by prosecutors in Paris on Tuesday evening.

It comes after the 61-year-old spent nearly an entire day being questioned by magistrates at the Paris financial prosecutor's office.

He was then informed that he was to be investigated for "suspected illegal financing" of an election campaign for a candidate, who went beyond the legal limit for electoral spending".

The UMP leader was also named as an "assisted witness" in connection with accusations of "using false documents, fraud and breach of trust."

Formal investigations are a prelude to a possible trial in France, but they do not automatically lead to prosecution.

Mr Sarkozy has repeatedly denied having any knowledge or involvement with false accounting at Bygmalion, a PR firm which handled Mr Sarkozy's appearances during his failed 2012 election campaign.

The firm is accused of using a vast system of false accounting to conceal an alleged explosion of funding for his campaign, which exceeded the legal limit for funds of 22.5m euros.

Sarkozy's lawyer Thierry Herzog said he would appeal the decision, adding that the investigation was not linked to the Bygmalion affair.

"I can say that I'm satisfied that the law in large part has been kept to and there was nothing linking President Nicolas Sarkozy to the Bygmalion case," he said.

"It is only about exceeding the amount of campaign spending."

However, the investigation is likely to see Mr Sarkozy tied up in legal proceedings for several months, which could pour cold water on any ambitions to fight in his party's' primaries, which start in November ahead of next year's presidential election.

GOOD!