Sarkozy Concedes Defeat In French Election [VIDEO]

Nicolas Sarkozy is conceding defeat in France's presidential elections.

He says he did his best to win a second term, despite anger at his handling of the economy.

Polling agency projections indicate that Socialist challenger Francois Hollande will win, and partial official results show him leading.

The result could change the way Europe tackles its debt crisis -- with more stimulus and less austerity.