Chileans on Sunday elected the first leftist leader since Salvador Allende was ousted by former dictator Augusto Pinochet in a violent 1973 coup. Runoff voters picked Ricardo Lagos, a former dissident, as Chile's new president.

He will take over from President Eduardo Frei, a centrist Christian Democrat in the ruling coalition. Frei's six-year term ends March 11.

With 99.77 percent of polls reporting, results showed Lagos, backed by Concertacion -- a center-left coalition that has governed Chile for a decade, leading the right-wing Alliance for Chile coalition's Joaquin Lavin 51.32 percent to 48.68 percent, according to Deputy Interior Minister Guillermo Pickering.

"We have triumphed ...but it is a defeat for no one. I will be the president for all Chileans," Lagos told an estimated 60,000 supporters, gathered in front of the presidential palace to hear his victory speech.

"In my government, everyone will be equal in terms of the law and justice," Lagos said. When the crowd began to chant, "Put Pinochet on trial," the president-elect was forced to pause, and respond. "In my government, trials will be undertaken by the courts and I will make the courts be respected."

In the past, Lagos has said that, if elected, he would not interfere with any attempts by the Chilean courts to try Pinochet, who could be released from house arrest in London, where he's been held for 15 months for alleged human rights abuses.

His opponent, Lavin, who is just 46 years old, conceded the race late Sunday. "For me, these results are definite," Lavin said before visiting Lagos' campaign headquarters to shake his hand."

Runoff follows cliffhanger election

The runoff was held to declare a final winner from last December's election, which Lavin won by a razor-thin margin, but not with the required majority of votes.

Lagos once challenged Pinochet

Lagos, 61, is a U.S.-trained economist and former public works minister who gained prominence by challenging Pinochet during his military regime.

A moderate socialist, Lagos held various positions in the restored democratic government beginning in 1990 after Pinochet was deposed.

Lagos is now set to be the first leftist president since the popularly elected Salvador Allende was killed in the 1973 coup that brought Pinochet to power.

Voter turnout heavy

Turnout was heavy, with more than 7.3 million of some 8 million registered voters peacefully casting ballots in this South American nation. Polls closed with no reports of problems.

Mired in Chile's first recession in almost 20 years, economic issues dominated the campaign.

For months, the candidates sought to outdo each other with similar promises to fight rising street crime, aid struggling farmers, and create hundreds of thousands of jobs.

Lagos inherits Pinochet situation

Spain has sought to extradite Pinochet on charges of torture during his rule, but British Home Secretary Jack Straw says the 84-year-old former dictator is medically unfit to stand trial.

The medical evaluation, the details of which have remained secret, has prompted calls from Spain and other nations for a second opinion on Pinochet's health.

Britain has said it will accept arguments on Pinochet's fate from Spain, as well as France, Switzerland and Belgium -- which also have extradition requests -- before making a final decision on whether to release Pinochet.

Chile's new president will be inaugurated March 11.

-Source: CNN.com