Video>> Georgian president concedes defeat
TBILISI, Oct. 2 (Xinhua) -- Georgian President Mikheil Saakashvili Tuesday conceded defeat of his United National Movement party in the legislative elections held on Monday after early official results indicated that the opposition party Georgian Dream won the elections.
In a televised speech, the president said that he would respect the voters' will and his own ruling party would go into opposition.
Meanwhile, Georgian billionaire Bidzina Ivanishvili, the de facto leader of the opposition coalition Georgian Dream, Tuesday suggested that the incumbent Georgian president resign.
"He (the president) managed to make a statement today to admit defeat in the elections," said Ivanishvili, "The next logical step for Mikheil Saakashvili will be to resign."