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Georgia's President concedes poll defeat

Georgian President Mikheil Saakashvili conceded his ruling party has lost an election to a coalition led by billionaire Bidzina Ivanishvili, increasing the chances of a peaceful transfer of power in the former Soviet republic.

triumph: Bidzina Ivanishvili's coalition was declared victor.
triumph: Bidzina Ivanishvili's coalition was declared victor.

Mr Ivanishvili said he was confident of becoming prime minister as partial results put his six-party Georgian Dream on course to win Monday's parliamentary election.

Mr Ivanishvili's supporters streamed through Tbilisi's streets after the polls closed, waving flags and sounding car horns in celebration even though Mr Saakashvili's United National Movement had initially claimed victory.

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