Dominique Strauss-Kahn has handed in his resignation as head of the International Monetary Fund stating that he wishes to devote "all his energy" to fighting the charges of sexual assault which he currently faces.
Strauss-Kahn was arrested on 15 May on charges of committing a criminal sexual act, attempted rape, sexual abuse, unlawful imprisonment and forcible touching. The alleged victim is a maid in a New York hotel.
The IMF head has denied "with the greatest possible firmness all of the allegations that have been made" and handed in his resignation with "infinite sadness".
A hearing will take place today (19 May) during which his lawyers are to propose $1million bail and electronic tagging.
In Strauss-Kahn's absence, talks about who will replace him as head of the IMF have been taking place.
The IMF maintains the world's economic stability by providing policy advice and financial support to members with economic difficulties. Without a leader it could fall into chaos.
One possible candidate is rumoured to be ex-prime minister Gordon Brown.
Meanwhile, Strauss-Kahn is imprisoned in New York's notorious Rikers Island prison, which has held such famous inmates as Tupaq Shakur and John Lennon's killer Mark David Chapman.
Strauss-Kahn is currently on suicide watch, despite reports that he is not believed to have tried to harm himself.
A grand jury will assess the evidence in the case and decide whether Strauss-Kahn will be indicted. The decision will be made by Friday 20 May.
Read more on the story (Guardian)
Read about the law regarding rape and sexual assault (FindLaw)
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