Socialist Francois Hollande wins French presidency

From the BBC:

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.

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

The socialist candidate has promised to raise taxes on big corporations and people earning more than 1m euros a year.

Guess he will be invited to the White House pretty soon, Obama will love him!