German President Resigns
German President Christian Wulff has resigned today following an home loan scandal.
The accusations escalated in December, when the Bild newspaper reported that Mr Wulff had received a low-interest loan from the wife of a wealthy businessman in October 2008.
Subsequently, Mr.Wulff denied any associations with said businessman when entering Lower Saxony’s parliament, and having received this loan.
Although he had a little more than a ceremonial role, Mr Wulff’s departure will be a personal blow to Chancellor Angela Merkel. Mr Wulff was in the job for only two years and at a time of crisis in the Eurozone the instability will be unwelcome.
Angela Merkel cancelled a visit to Athens today to deal with the fallout of his departure. Mr Wulff denies any wrongdoing.
German political parties are now seeking a new candidate for President.