Georgia's President Concedes Election
Businessman's opposition coalition set to take power
By Newser Editors and Wire Services
Posted Oct 2, 2012 6:04 AM CDT
Georgian President Mikhail Saakashvili and his wife Sandra Roelofs cast their ballots as their son Nikoloz stands beside them at a polling station in Tbilisi, Georgia, Monday, Oct. 1, 2012.   (Efrem Lukatsky)
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(Newser) – Georgian President Mikheil Saakashvili has conceded defeat in the parliamentary election and says the opposition now has the right to form a government. Speaking today on television, he said: "It's clear from the preliminary results that the opposition has the lead and it should form the government. And I as president should help them with this."

Early results show an opposition coalition led by billionaire businessman Bidzina Ivanishvili with what appears to be an insurmountable lead as voters turned away from Saakashvili and the party that has been in power for almost nine years.