It's official. France recognizes the massacre of Armenians at the hands of Ottoman Turks during World War I as genocide. Any denial of this will be punishable by one year in prison or a 45, 000 euro fine. The bill was passed in the National Assembly on Thursday. Ankara says there will be grave political and economic consequences for their relations with France. Turkey rejects the term genocide and argues that electoral gain is behind President Nicolas Sarkozy's latest move, ahead of elections.