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Francois Hollande becomes France's president

May 15, 2012 12:00:00 AM PDT
Francois Hollande has become president of France following a ceremony on Tuesday in Paris.

Hollande, 57, is the first socialist leader of France since Francois Mitterrand left office in 1995.

Hollande was elected to a five-year term earlier this month after voters ousted incumbent Nicolas Sarkozy after only one term. Voters were disappointed over Sarkozy's handling of France's economy.

In his first presidential speech, Hollande promised to fight financial speculation while acknowledging the huge government debt he inherited. He also pledged to bring "dignity" to the presidential role.

The Associated Press contributed to this report.