Francois Hollande elected president of France; Nicolas Sarkozy concedes defeat

+The Wall Street Journal reports that French voters have elected +François Hollande as president, giving the country a Socialist leader who has pledged to shift the burden of hardship to the rich and resolve the protracted euro-zone sovereign-debt crisis by softening the current prescription of austerity.

Hollande was elected with a roughly 52%-48% margin over conservative incumbent +Nicolas Sarkozy in the second and final round of the election.

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Photo: Francois Hollande shows his ballot earlier today. (Christophe Ena, +The Associated Press)
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