Socialist Francois Hollande defeated Nicolas Sarkozy today in their runoff election in France.
The BBC reported:
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Socialist Francois Hollande has been elected as France’s new president.
He got about 52% of votes in Sunday’s run-off, according to early projections, against 48% for centre-right incumbent Nicolas Sarkozy.
Mr Sarkozy has admitted defeat, saying: “Francois Hollande is the president of France and he must be respected.”
Analysts say the vote has wide implications for the whole eurozone. Mr Hollande has vowed to rework a deal on government debt in member countries.
Exuberant Hollande supporters have already converged on Place de la Bastille in Paris – a traditional rallying point of the Left – to celebrate.
Mr Hollande capitalised on France’s economic woes and President Sarkozy’s unpopularity.
Wealthy French people are looking to London as a refuge from fresh taxes on high earners pledged by candidates in the country’s presidential elections.