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Left-wing candidate concedes Cyprus election

Menelaos Hadjicostis, Associated Press

Opposition party leader and presidential candidate Nicos Anastasiades votes with his grandson Andis, in the Presidential election in southern port city of Limassol, Cyprus, Sunday, Feb. 24, 2013. Faced with the specter of financial meltdown, Cypriots are choosing a new president with the conservative candidate favored to win over his left-wing rival in a runoff vote Sunday.(AP Photo/Petros Karadjias)

NICOSIA, Cyprus (AP) -- The left-wing candidate in Cyprus' presidential election runoff, Stavros Malas, has conceded defeat.

Near final results show his conservative rival, Nicos Anastasiades, has won with one of the widest margins in 30 years.

With nearly all the votes counted, Anastasiades had 57.48 percent of the ballots, far ahead of Malas' 42.52 percent.

Cypriots were choosing their leader at a critical time.

Their country faces the specter of financial meltdown, and the new president will be under pressure to quickly finalize a financial rescue package with the eurozone's other 16 countries and the International Monetary Fund.