The International Monetary Fund says its embattled managing director, Dominique Strauss-Kahn, intends to resign, effective immediately, as he faces sexual assault charges in New York.
The IMF's executive board released a letter from the French executive late Wednesday in which he denied the allegations lodged against him but said that with "great sadness" he felt compelled to resign. He said he was thinking of his family and that he wanted to protect the IMF.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
Dominique Strauss-Kahn's bail hearing Thursday could spell the end of his leadership of the International Monetary Fund.
If a New York judge denies bail for Strauss-Kahn or imposes highly restrictive conditions on his freedom, the IMF's executive board would expect him to resign, two senior IMF officials said Wednesday. If he didn't, the board could remove him on the grounds that he couldn't lead the IMF from a jail cell or far from its Washington headquarters.