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Pakistan's President Pervez Musharraf resigned Monday, citing a desire to avoid putting his country through a destabilizing impeachment process. "Whether I win or lose the impeachment," he said, "the nation will lose." After speaking for more than an hour and excoriating his rivals' economic management, he raised his fists and said, "Long Live Pakistan!"

Musharraf's ouster is a major victory for Nawaz Sharif, the former prime minister who leads the junior partner in the ruling coalition and has been calling loudly for Musharraf to leave for months. But Asif Zardari, the widower of Benazir Bhutto, is said to covet the presidency. Musharraf's exit could lead to ugly infighting between Zardari and Sharif, but investors seem happy: the Pakistani stock market rose 4.5 percent on the news.

Looking back at Musharraf's nine-year tenure, the AP's Matthew Pennington comments, "His demise was as tortured as his arrival was swift."

Europe and the Caucasus

Russian troops are preparing to leave Georgia in line with a promise from the Kremlin, which over the weekend signed a revised cease-fire document with Georgia. But Michael Gordon of the New York Times sees a Russia that is only tightening its grip by bringing missile launchers into South Ossetia, and Georgia claims Russian troops are advancing, not retreating.

French President Nicolas Sarkozy weighs in.

Secretary of Defense Robert Gates dismissed Russian threats toward Poland as "empty rhetoric."

Decision '08

Controversy has broken out over whether John McCain had an unfair advantage in this weekend's campaign event at Rick Warren's Saddleback Church. More here.

Barack Obama has big, American plans for the Democratic Convention.

Politico expects Obama to announce his veep pick sometime this week. Steve Clemons speculates.

Global Economy

Commodity prices are dropping sharply, heading off inflation fears.

Americas

A dam in the Grand Canyon broke after heavy rains, sending tourists fleeing for safety.

Asia

Thousands of demonstrators gathered in Srinagar, Kashmir, to protest Indian rule in front of the U.N. offices in the Indian-administered city.

In an annual ritual, North Korea denounced the yearly joint U.S.-South Korean military exercises, saying they threaten the six-party nuclear talks.

Middle East and Africa

Secretary Rice plans to visit the Middle East next week.

Time looks at why Iraq is still importing fuel.

Iran launched a controversial satellite Sunday in the name of a Shiite imam.

Ethiopia stands on the brink of famine.

Today's Agenda

Turkey is hosting the Turkey-Africa Union summit in Istanbul.

The U.N. Security Council is to discuss Sudan and Somalia.

The Baku-Tbilisi-Ceyhan pipeline is expected to reopen.