New era for Georgia as nation moves closer to Russia

It is a momentous day for Georgian democracy -- but a painful one for the man who has led the former Soviet republic for nearly a decade.

For the first time in the strategically important former Soviet state, power is set to be transferred by free and fair elections instead of revolution.

As the results became clear, President Mikheil Saakashvili, a larger-than-life figure who was swept to power in 2003, appeared on national television to accept defeat.

After summing up the preliminary election results it is evident that the Georgian Dream coalition has achieved the advantage, he said, pledging not to hold up the process.