Socialist Francois Hollande has defeated Nicolas Sarkozy in the French presidential runoff by just over 1 million votes. He won 51 per cent of the vote against his rival's 49. The president-elect has already pledged "to finish with austerity."
Hollande will be the first French socialist president of France since 1995. He will be sworn in as new president of France on May 15.
Francois Hollande capitalized on France's economic woes and President Sarkozy's unpopularity. He has also promised to raise taxes on big corporations and people earning more than €1million a year, and lower the retirement age to 60..... MORE