Nicolas Sarkozy concedes defeat in French election

Nicolas Sarkozy concedes defeat in French election

May 6th, 2012 by Associated Press in Local - Breaking News

French President and UMP candidate Nicolas Sarkozy waves to wellwishers as he and his wife Carla Bruni-Sarkozy, center right, leave after casting their votes for the second round of the presidential elections in Paris Sunday May 6, 2012. The election could see Socialist challenger Francois Hollande defeat incumbent Sarkozy by capitalizing on public anger over the government's austerity policies.

French President and UMP candidate Nicolas Sarkozy waves...

Photo by Associated Press /Times Free Press.

PARIS - Nicolas Sarkozy has conceded defeat in France's presidential elections, saying he called challenger Francois Hollande to wish him "good luck" as the country's new leader.

Sarkozy thanked his supporters Sunday and said he did his best to win a second term, despite widespread anger at his handling of the economy.

He said "I take responsibility ... for the defeat."

Polling agency projections predict that Socialist Hollande will win the elections. Partial official results also show Hollande in the lead.