Germany's President Christian Wolf resigned on Friday after a series of scandals that rattled the country over the past three months.

"The developments of the past days and weeks have shown that this trust and therefore confidence in my ability to serve have been adversely affected. For this reason, it is no longer possible for me to continue in my role as president," Wulff announced.

German Chancellor Angela Merkel canceled her scheduled visit to Roma and is expected to deliver a statement later on Friday.

On Thursday, Germany's Prosecutor's Office declared that it may want to strip Wulff of his immunity in order to investigate him on corruption accusations. The prosecutors suspect that Wulff improperly accepted benefits from a friend of his, a German film producer.

In December, it emerged that Wulff had received a large private loan from a wealthy friend's wife in his previous job as governor of Lower Saxony state. In January, the German publicity was stirred by a furious call he made to the editor of the country's biggest-selling newspaper before it reported on the loan

Wulff was one of Merkel's biggest rivals within the Christian Democrats before being elected to the presidency in 2010, CNN has reminded. His resignation is seen as an awkward moment for the German chancellor, as she supported his candidacy as President.

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