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Greece: Costas Karamanlis admits defeat in Greek election

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Greece: Costas Karamanlis admits defeat in Greek election

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Outgoing Prime Minister Costas Karamanlis has admitted defeat in the Greek elections and resigned as leader of the New Democracy Party.

The 53 year old called the snap election in September with the aim of winning a stronger mandate from the voters. It was a risk that did not pay off and his plans to cut public spending did not win votes in a country that is suffering an economic downturn.