Socialist Hollande in, Sarkozy out, as France elects a new president

Story highlights

NEW: President-elect Francois Hollande addresses a large crowd of supporters in Paris

NEW: With nearly all of the ballots counted, he leads with 51.6% of the vote

Hollande declares his victory "a new start for Europe"

President Nicolas Sarkozy concedes, saying he carries the responsibility for the defeat

Editor’s Note: Read this report in Arabic.

Paris CNN  — 

The election of François Hollande as president of France sent shock waves through markets in Asia and Europe on Monday and prompted German Chancellor Angela Merkel to lay down red lines about Europe’s future.

Speaking to supporters Sunday in the city of Tulle, Hollande alluded to becoming the first Socialist president since François Mitterand left office in 1995.

“Many people have been waiting for this moment for many long years. Others, younger, have never known such a time. … I am proud to be capable to bring about hope again,” he told the cheering crowd.

“Tonight, there are not two Frances. … There is only one France, only one nation that is united with the same destiny,” Hollande said.

The president-elect, who will be the nation’s first left-wing president since Francois Mitterrand left office in 1995, suggested there was a sense of relief in many European countries because of his win.

“Austerity can no longer be something that is inevitable,” he said.

Later, Hollande went to Paris, where he addressed a large crowd at the Bastille. Supporters waved flags and shouted his name.

“I know what many people feel – years and years of wounds, of ruptures, and we have to repair, recover, unite. That is what we’re going to do together,” he vowed.

Hollande congratulated Sarkozy, who earlier conceded to Hollande as results from exit polls and official tallies in the runoff election came in.

“I carry the entire responsibility for this defeat, and I’m going to say why. I fought for the values of responsibility, and I’m not a man who does not accept his responsibilities,” Sarkozy said from his Paris campaign headquarters, as members of the crowd shouted, “No!”

“I’m ready to become a French person amongst French people, and more than ever I have the love for my country deeply ingrained in my heart,” Sarkozy said.

With almost all of the votes counted, Hollande was leading with 51.6% to Sarkozy’s 48.4%, the nation’s Interior Ministry said. Voter turnout was reported at more than 80%.

Exit polls said Hollande won 51.9% of the vote, France 2 television reported.

Crowds roared at the center-left candidate’s campaign headquarters as the exit poll results came out Sunday evening. Celebratory car horns blared along the Champs-Élysées in Paris.

“It’s a great night, full of joy for so many young people all across the country,” said Thierry Marchal-Beck, president of the Movement of Young Socialists.

U.S. President Barack Obama called Hollande shortly after results were in to congratulate him and invite him to the White House.

Sarkozy had fought to keep his job amid a wave of discontent over his inability to rein in unemployment. He defended his economic record despite low growth and unemployment at about 10%, saying the impact of Europe’s debt crisis could have been far worse.

France is a key player in plans to lead the eurozone out of its debt crisis.

Sarkozy’s defeat marks the latest – and most significant – of more than half a dozen European leaders swept from office during the eurozone economic crisis, including the Greek and Italian prime ministers.

France’s vote came the same day as the Greek parliamentary election. Greece’s ruling coalition suffered steep losses, while parties on the far left and far right made significant gains amid anger over austerity measures.

The two rivals traded insults earlier this week in the only televised head-to-head debate of the campaign.

Both candidates have been working hard to reach out to France’s undecided voters in the two weeks since the first-round vote on April 22 left them the only two still in the race.

Centrist Francois Bayrou, who took 9% of the first round vote, delivered a boost to Hollande’s campaign Thursday when he said he would vote for the Socialist, and urged his supporters to vote according to their conscience.

Sarkozy has been president since 2007. He becomes the first sitting French president in three decades not to be re-elected.

CNN’s Jim Bittermann, Hala Gorani, Saskya Vandoorne and Stephanie Halasz contributed to this report.