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Monday, 07 May 2012 - 7:58
Socialist Francois Hollande wins French presidency.
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French socialist Francois Hollande has won a clear victory in the country's presidential election.

Hollande - who polled just under 52% of votes in yesterdays run-off - spoke of his pride at becoming president.

Admitting defeat, centre-right incumbent Nicolas Sarkozy wished "good luck" to Hollande.

Analysts say the vote has wide implications for the whole eurozone.

Hollande has vowed to rework a deal on government debt in member countries.

Shortly after polls closed French media published projections based on partial results giving Hollande a lead of almost four points.

Turnout was about 80%.

This is only the second time that an incumbent French president has failed to win re-election since the start of the Fifth Republic in 1958.

Hollande is expected to be inaugurated later this month and a parliamentary election is due in June.

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