France Elects Francois Hollande As Its New President, Incumbent President Sarkozy Tells Him Good Luck

Paris, France -

French voters have elected socialist Francios Hollande in a national run-off vote for president. Hollande won an estimated 52% of the vote said voters elected "change." Turnout was high, with an estimated 80% of voters casting their ballots in the polls.

Hollande elections will have significant effects across the Euro-zone, as he has said he would redo agreements for its member country's debts.

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

Mr Hollande - the first socialist to win the French presidency since Francois Mitterrand in the 1980s - gave his victory speech in his stronghold of Tulle in central France.

He said was "proud to have been capable of giving people hope again".

He said he would push ahead with his pledge to refocus EU fiscal efforts from austerity to "growth".

"Europe is watching us, austerity can no longer be the only option," he said.

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