In Greece, George Papandreou's socialist opposition party (PASOK) has won the country's parliamentary elections. Exit polls say the socialists won 44 percent of the votes and the conservatives, led by Prime Minister Kostas Karamanlis, 36 percent. Mr Karamanlis has now conceded defeat and congratulated his opponent on his party's victory.

Mr Papandreou is the third member of his family to become prime minister of Greece. The position has also been held by both his father and his grandfather.

Mr Karamanlis' popularity had been dwindling in recent weeks due to a series of financial scandals and objections to his plans to combat the financial crisis. The prime minister wanted cutbacks, while the socialist opposition promised investment.

With Greece on the brink of recession, Mr Papandreou said he wanted to boost the economy by creating new jobs and negotiating a new three-year stability pact with the European Commission.

Photo of George Papandreou by Piazza del Popolo (flickr)

Photo of Kostas Karamanlis by Νέα Δημοκρατία (flickr)