France's Sarkozy Ousted In French Presidential Elections

Socialist Hollande Ousts Sarkozy As French Leader -- Reuters

(Reuters) - Socialist Francois Hollande swept to victory in France's presidential election on Sunday in a swing to the left at the heart of Europe that could start a pushback against German-led austerity.

Hollande was set to beat conservative incumbent Nicolas Sarkozy by a decisive 51.9 percent to 48.1 percent margin, the TNS-Sofres polling agency said in a projection based on a partial vote count.

The president conceded defeat within 20 minutes of the last polls closing at 8 p.m. (1800 GMT), telling supporters he had telephoned Hollande to wish him good luck.

"I bear the full responsibility for this defeat," he said.

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My Comment: Instead of austerity, France has chosen to embrace the policies that has put the Euro and the economic well-being of Europe into doubt. This is not going to be "pretty".

A full news round-up on France's Presidential election will be done later tonight.

Update: Greece's ruling parties also suffered serious setbacks in today's parliamentary elections.