Georgia's President Concedes Parliamentary Election Defeat



Georgia President Mikheil Saakashvili Admits Election Loss -- BBC

President Mikheil Saakashvili has admitted his party has lost Georgia's parliamentary election, in a live TV announcement.

He said the Georgian Dream bloc of his main rival, billionaire tycoon Bidzina Ivanishvili, had won Monday's election.

Victory for Mr Ivanishvili means the first democratic transfer of power in Georgia's post-Soviet history.

Mr Ivanishvili said the "only right decision" would now be for Mr Saakashvili to resign.

Mr Saakashvili, who has led the country since 2003, is due to remain in power until presidential elections next year.

Under agreed reforms, the parliament and prime minister will acquire greater powers than the president after that election.

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