Obama, world leaders say no place for Gaddafi in Libya

US President Barack Obama led the world leaders in conveying that there was no turning back the clock in Libya and the tyrant Muammar Gaddafi had no place in the future set-up in the strategic north African country.

"The surest way for the bloodshed to end is simple.... Gaddafi and his regime need to recognise that their rule has come to an end," the US President said as Libyans around the world celebrated the imminent end of the man who ruled Libya for 42 years.

As TV channels beamed pictures of rebel fighters and people dancing with joy at Tripoli's historic Green Square now renamed Martyr's Square, the British Prime Minister David Cameron declared that Gaddafi was in "full retreat" and told him he had no hopes of clinging to power.

As European envoys reported that rebels controlled almost 95 per cent of Libya, Cameron also announced that Britain will soon release frozen Libyan assets to help a new transitional government, BBC reported.

Welcoming the triumph of the rebels, the French Foreign Minister announce that Paris would host a meeting of international powers engaged in the Libyan conflict next week to chalk out ways to ensure a smooth transition to democratic rule in Libya.

According to BBC, President Nicolas Sarkozy said in a statement that Gaddafi to avoid bloodshed should immediately renounce power and tell forces still loyal to him to ceasefire.

The comments were echoed in Berlin where the Economy Minister Philip Roesler told reporters that "Gaddafi will be caught soon and handed over to international court in The Hague for trial".