Dominique Strauss-Kahn, the Managing Director of the International Monetary Fund, resigned his post on Wednesday amid sexual assualt charges. In his resignation letter, Strauss-Kahn denied the allegations and said he wanted to devote his energey to battling the charges. 

According to a press release posted on the IMF website, Strauss-Kahn informed the Executive Board of his decision on his Wednesday. The board also released Strauss-Kahn Kahn's resignation letter.

"To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me," he wrote. "I want to protect this institution which I have served with honor and devotion, and especially—especially—I want to devote all my strength, all my time, and all my energy to proving my innocence."

The Guardian reported:

His resignation comes after increasing international pressure for him to step down as he faces charges of assaulting a hotel employee at a New York hotel. The maid, a 32-year-old immigrant from the West African nation of Guinea, told police that the 62-year-old Strauss-Kahn came out of the bathroom naked, chased her down, forced her to perform oral sex on him and tried to remove her underwear before she broke free and fled the room.

Strauss-Kahn, who is currently being held in New York's Rikers Island prison, is to make a second application for bail on Thursday in New York with is his lawyers set to offer new bail terms including $1m in cash and to place their client under house arrest.

A judge rejected his initial plea for bail agreeing with prosecutors that he was a flight risk.

A grand jury has now been convened to assess whether Strauss-Khan will be indicted. Their decision will not be known until Friday. The decision to press for bail ahead of Friday's decision suggests lawyers are urgently trying to free Strauss-Kahn from Rikers where he has been held since Monday. If he is released on bail, the deadline to secure an indictment would be extended.

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