Pakistan's Musharraf announces resignation
Pakistan's President Pervez Musharraf announced on Monday he was quitting office for the sake of the nation, rather than face impeachment charges that he said were false.
Pakistan coalition talks may threaten Musharraf"Whether I win or lose, the nation must lose," Musharraf, 65, said in an hour-long televised address in which he passionately defended his nine-year record in office. "The honour and dignity of the country will be affected and in my view, the honour of the office of president will also be affected."
Prolonged jockeying and uncertainty over Musharraf's position had hurt Pakistan's financial markets and raised concerns in Washington and among other allies that it was distracting from efforts to tackle militancy.
Pakistani stocks jumped 4 percent on the news and the rupee, which had lost a quarter of its value this year, began strengthening.
"It eliminates all the uncertainty in the market and I think the political uncertainty is coming to an end," saidAsad Iqbal, managing director at Ismail Iqbal Securities. "The government will hopefully start concentrating on the economy. From an economic point of view, they have no excuses now and they have to perform."
Musharraf seized power in a 1999 coup but has been isolated since his allies lost parliamentary elections in February.
The new coalition government, led by the party of assassinated former prime minister Benazir Bhutto, said early this month that it planned to impeach Musharraf.
The powerful army, which has ruled for more than half the country's 61-year history, has publicly kept out of the controversy over its old boss.
No unrest was expected as a result of the increasingly unpopular leader's resignation.
CONSTITUTIONAL VIOLATIONS
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