Pakistan President Pervez Musharraf Exits

Pervez Musharraf has resigned as president of Pakistan. Musharraf seized power in a 1999 coup. He resigned as Pakistan's president to avoid impeachment.

Pakistan President Pervez Musharraf stepped down on Monday in an effort to avoid impeachment. Musharraf made the announcement during a lengthy televised address.

"After viewing the situation and consulting legal advisers and political allies, with their advice I have decided to resign," Musharraf said. "I leave my future in the hands of the people."

Wild celebrations broke out on the streets shortly after his resignation. Asif Ali Zardari, the widower of Benazir Bhutto was shown shaking hands and smiling with Nawaz Sharif. Sharif was ousted by Musharraf in 1999.

The decision to resign as Pakistan's president comes after the coalition said it was ready to begin impeachment on Tuesday. Aides close to Musharraf said he will remain in the country and not go into exile as several of Pakistan's former leaders have done.

His actions sparked immediate protests where Musharraf declared a state of emergency last November.

However, his fate was sealed after Benazir Bhutto was assassinated in December.