German President Resigns Amid Financial Scandal

Sean Gallup/Getty Images(BERLIN) -- Facing pressure from prosecutors over allegations he received favors before becoming head of state, German President Christian Wulff announced on Friday he was stepping down.

His resignation comes a day after prosecutors asked parliament to lift his immunity so that an investigation into the financial scandal can proceed.  Wulff is accused of accepting a loan when he served as the premier of Lower Saxony.

Horst Seehofer, the premier of Bavaria and leader of the Christian Social Union, will step in to serve as acting president until a new successor is elected.

Meanwhile, German Chancellor Angela Merkel, who helped appoint Wulff to office in 2010, canceled a trip to Italy on Friday to deal with the shakeup.

Copyright 2012 ABC News Radio

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