French voters reject austerity tack, oust Sarkozy

Exuberant, diverse crowds filled the Place de la Bastille, the iconic plaza of the French Revolution, to fete Mr. Hollande's victory, waving French, European and labor union flags. Leftists are overjoyed to have one of their own in power for the first time since Socialist Francois Mitterrand was president from 1981 to 1995.

President-elect Francois Hollande waves after delivering his speech in Tulle, central France, Sunday, May 6, 2012. Francois Hollande defeated Nicolas Sarkozy on Sunday to become France's next president. (AP Photo/Bob Edme)

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