Israeli PM Ehud Olmert announces resignation

Israel's graft-tainted Prime Minister Ehud Olmert today announced he will step down from office and pledged support to his successor and newly elected leader of the ruling Kadima party, Tzipi Livni, in forming a coalition.     

"I have decided to resign as Prime Minister of Israel,"the beleaguered Premierunder a storm of criticism over corruption charges told his ministers at a weekly cabinet meeting today.     

"This was not an easy decision, or a simple one. This was a difficult decision with serious misgivings but I think I am acting in an appropriate manner, as I have promised the people of Israel," Olmert added.     

The 63-year-old leader also pledged support to the newly elected leader of his ruling Kadima party, Foreign Minister Tzipi Livni, offering to help her and 'stand by her during the process" of coalition formation.     

Elections were necessitated inthe Kadima party following a series of investigations against Olmert on charges of corruption, which led to a dip in his popularity to single figures and uneasiness among his coalition partners, who threatened to withdraw support if hedid notstep down.     

Olmert's reign of thirty-three months is marked by a war on Israel's northern frontier that exposed Jewish state's vulnerability to rocket attacks,strengthening of Islamist Hamas faction that has taken control of Gaza, string of corruption charges against himand dwindling hopes of a peace agreement with the Palestinians.