Socialist Francois Hollande defeats Nicolas Sarkozy in French presidential election

◼ Socialist Francois Hollande defeated conservative incumbent Nicolas Sarkozy on Sunday to become France's next president, heralding a change in how Europe tackles its debt crisis and how France flexes its military and diplomatic muscle around the world. - FOX

Sarkozy conceded defeat minutes after the polls closed, saying he had called Hollande to wish him "good luck" as the country's new leader.