Cardinal Jorge Bergoglio of Argentina has been elected the next pope! He has chosen to take the name Francis and will be the first pope from South America.

The announcement was made Wednesday from the balcony of St. Peter's Basilica and a new tweet has already been sent out from the @Pontifex twitter account ("We have Pope Francis"):

HABEMUS PAPAM FRANCISCUM

— Pontifex (@Pontifex) March 13, 2013

White smoke rose from a chimney above the Sistine Chapel in Vatican City after 7 p.m. local time, 2 p.m. ET, indicating that cardinals had elected a successor to Pope Benedict XVI. It was the fifth ballot to be cast since the conclave began on Tuesday.

The bell that signals the election of a new pope rang loudly in the moments after the smoke rose. A crowd that had gathered in front of St. Peter's Basilica erupted in song in anticipation of the announcement.

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