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Sweden's Persson Resigns After Losing Parliamentary Vote

Sweden's Prime Minister Goran Persson has handed in his formal resignation following the defeat of his Social Democrats in Sunday's parliamentary elections.

Political newcomer Fredrik Reinfeldt will take over, after his four-party center-right alliance secured a narrow victory with 48 percent of the vote. Mr. Persson's Social Democrat coalition won just over 46 percent.

Mr. Persson, who has been in office 10 years, conceded defeat Sunday. His cabinet will remain in power in a caretaker capacity until next month, when Mr. Reinfeldt presents a new cabinet to parliament.

Mr. Reinfeldt has promised to create jobs by cutting Sweden's notoriously high taxes and reforming its generous welfare system.

Some information for this report was provided by AP and Reuters.