PARIS, French - Francois Hollande(right photo) was elected France's first Socialist president in nearly two decades on Sunday, dealing a humiliating defeat to incumbent Nicolas Sarkozy and shaking up European politics.The result will have major implications for Europe as it struggles to emerge from a financial crisis and for France, the eurozone's second-largest economy and a nuclear-armed permanent member of the UN Security Council.
Nicolas Sarkozy(right photo) has conceded defeat in France's presidential elections, saying he called challenger Francois Hollande to wish him "good luck" as the country's new leader.Sarkozy thanked his supporters Sunday and said he did his best to win a second term, despite widespread anger at his handling of the economy.He said "I take responsibility ... for the defeat."
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