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Pakistan President Musharraf to Resign

The leader, who came to power in a 1999 military coup, was a key U.S. ally in the region.
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Pakistani President Pervez Musharraf on Monday said he would step down after nine years at the country's helm, citing a desire to avoid the instability that impeachment proceedings Parliament planned to bring against him would bring.

Musharraf, who came to power in a military coup in 1999, made the announcement in a speech carried on national television. A government coalition had planned to initiate impeachment proceeds this week.

Musharraf has been a key ally of the U.S. since the 2001 terrorist attacks on New York and Washington, D.C. and subsequent War on T error. Pakistan neighbors Afghanistan, where the U.S. has waged war against the Taliban and al-Qaeda terrorists responsible for the attacks.

It is unclear who will succeed Musharraf as president.

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reported Monday that Asif Ali Zardari, widower of slain former Prime Minister Benazir Bhutto and head of the Pakistan People's Party, is one front runner.

This article was written by a staff member of TheStreet.com.