Sarkozy on the outer as Francois Hollande steps in | WPN World People News

French socialist Francois Hollande has won the country's presidential election.

In a clear victory Mr Hollande has claimed the presidency from incumbent Nicolas Sarkozy.

Admitting defeat, Nicolas Sarkozy wished the victor good luck. He said Francois Hollande should be respected as the new president of France.

Mr Hollande, the first Socialist to win the French presidency since Francois Mitterrand in the 1980s, gave his victory speech in Tulle in central France.

During the campaign phase, Mr Hollande made statements likely to shake up the entire eurozone.

Capitalising on France's economic woes, he said he would push ahead with his pledge to reduce austerity campaigns to focus instead on growth.

He promised to raise taxes on big corporations and people earning more than 1 million euros a year.

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

On the subject of budget discipline, he said austerity could no longer be the only option.

Turnout in the vote was about 80%, giving analysts the chance to publish early projections that Mr Hollande, who has never been a minister, would be the winner.

Throughout the count, Mr Hollande had a lead of almost four points.

Many of the polls published since the beginning of the presidential campaign said he would win.

Source: France News.Net