French Socialist Francois Hollande has a clear victory in the presidential election of the country.

Mr Hollande-estimated that 52% of the votes in Sunday run-off-said that the French had chosen “change”.

Admitting defeat, wanted to center-right incumbent Nicolas Sarkozy “good luck” Mr Hollande.

Analysts say that the vote has broad implications for the whole euro zone. Mr Hollande has vowed to rework a deal on government debt in the Member States.

Shortly after polls closed at 20: 00 (18: 00), French media published projections based on partial results give Mr Hollande ahead of almost four points.

Exuberant Hollande supporters gathered at Place de la Bastille in Paris-a traditional rallying point of links-to celebrate.

Mr Hollande-the first Socialist to win the French Presidency since Francois Mitterrand gave his speech in the 1980s-victory in his stronghold of Tulle Allier.

He said was “been proud State which people give hope again”.

He said that he with his promise to ease the fiscal austerity of the EU efforts for “growth” refocus would continue.

“Europe is watching us, sobriety can no longer the only option,” he said.

Mr Hollande urged a renegotiation of a hard-won European Convention relating to budgetary discipline defended by German Chancellor Angela Merkel and Mr Sarkozy.

‘ Respect ‘

Mr Hollande capitalised on the economic woes of the country and President Sarkozy unpopularity.

The Socialist candidate has promised taxes on large corporations and people earn more than 1 m euro per year increase.

He wants to raise the minimum wage, rent 60,000 more teachers and lower the retirement age from 62 to 60 for some workers.

In his concession speech, Mr Sarkozy told supporters: “Francois Hollande is the president of France and he must be respected.”

The outgoing president said he was “take responsibility for defeat”.

Hinted about his future, he said: “my site no longer will be the same. My involvement in the life of my country will now be different. “

He said during the campaign that he would leave politics if he had lost the election.

Mr Sarkozy, who had promised since in office 2007, to France’s large budget deficit through cuts to reduce.

It is only the second time that a sitting president has failed to win re-election since the beginning of the Fifth Republic of France in 1958.

The last one was Mr Valéry Giscard d’Estaing, who lost to Mitterrand in 1981.

The new president is expected to be inaugurated later this month.

Parliamentary elections due in June.

Source: BBC

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