German president resigns over finance scandal

He made the announcement a day after prosecutors asked parliament to lift his immunity from prosecution. "I am... today stepping down from the office of federal president to free up the way quickly for a successor," he said in a televised statement from his Bellevue palace. Germany needs "a president that enjoys the trust of not only a majority, but a broad majority of citizens," said a sombre Wulff, with his wife Bettina at his side. "The developments of the last days and weeks have shown that this trust and therefore my effectiveness have been damaged. "For this reason, it is no longer possible to carry out the office of president both domestically and abroad the way it needs to be done," added the head of state. "I have made mistakes, but I was always honest," he said. Chancellor Angela Merkel was expected to make a statement immediately. The 52-year-old president has been rocked by scandals and allegations since mid-December largely over his connections to wealthy businessmen, initially over an advantageous home loan from a friend s wife. Prosecutors in Lower Saxony state where Wulff was formerly premier said late Thursday they had asked parliament to lift his immunity in order to launch an investigation into alleged acceptance of favours. Wulff s role is largely ceremonial but carries important moral weight and the announcement by the prosecutor in Hanover, the capital of Lower Saxony, marks the first time the German parliament has been asked to lift presidential immunity. Merkel cancelled a planned trip to Rome to meet Italian premier Mario Monti on the euro crisis to deal with the turmoil.