Copenhagen, Jun 19 (IANS): Danish Prime Minister Helle Thorning-Schmidt on Friday conceded defeat in the parliamentary election which took place on Thursday and said she would step down as chairwoman of the Social Democratic Party.
Denmark's opposition coalition, led by Lars Loekke Rasmussen of The Liberals, beat the incumbent centre-left government, Xinhua reported.
"Thanks for letting me lead this party for 10 years. I stand by my responsibility and it is now time to step down," Thorning-Schmidt said in a speech delivered shortly after the election results were revealed.
"I have been the first prime minister in Denmark, but I will not be the last," she told her cheering party members.
Thorning-Schmidt said Rasmussen should now form a new government.
"It will not be easy, but I know that he loves his country," she added.