(TIME) — France was poised for major change Sunday night when Socialist candidate François Hollande looked set to beat conservative incumbent Nicolas Sarkozy in run-off balloting for France’s presidency. Initial results revealed at 8pm local time forecast Hollande beating Sarkozy by a seemingly insurmountable score of 51.9% to 48.1%. When that result is confirmed by the final tally, Hollande will become France’s first Socialist president in 17 years — lifted to power by a majority of voters who embraced his calls for a greater emphasis on economic growth and targeted social spending to counteract the austerity measures implemented to help shrink France’s excessive debt. Yet in addition to reflecting public desire for policy change, Hollande’s election will also be interpreted as a personal rebuke to the unpopular and embattled Sarkozy, who becomes France’s first single-term president in 31 years.

The announcement of Hollande’s projected win was greeted with an eruption of cheers by elated supporters gathered around the country — including a festive throng assembled outside the Socialist Party’s Left Bank headquarters in Paris. Chants of “François president!” and “We’ve won!” rang out to celebrate the news awaiting Hollande’s televised victory speech from the south-central town of Tulle, which he has represented as a regional official and national legislator since the late 1980s. Socialist officials said they expected Hollande’s comments to take up his campaign theme of unity to deal with the financial crisis France and Europe faces in contrast to what he had said was Sarkozy’s penchant for division. Less than 20 minutes after the partial results were announced, Sarkozy addressed his supporters in a Paris auditorium, telling them that he “assumed full responsibility for this defeat.” He also wished Hollande luck in the “trials” facing France’s top leader at a time of continental crisis.