Dominique Strauss-Kahn was granted bail by a New York City judge on Thursday, after news broke he resigned as the head of the International Monetary Fund (IMF).
Strauss-Kahn had been behind bars since Saturday after he was arrested for an alleged sexual assault on a hotel maid in New York City.
Judge Michael Obus ordered Strauss-Kahn, 62, be released on a $1-million cash bail and be placed under 24-hour home detention with electronic monitoring.
Strauss-Kahn is also required to have one armed guard at all times, at his own expense. He’s also required to post a $5-million insurance bond.
Strauss-Kahn, 62, heeded the call of economic leaders around the world by resigning. He was managing director of the IMF, an organization created after the Second World War that provides emergency loans to nations in financial crisis.
In a letter released Wednesday night, Strauss-Kahn, a former French finance minister, continued to deny the allegations against him and said he decided to step down to protect his family and his employer.
Lawyers representing Strauss-Kahn, who was considered to be a potential top challenger for the French presidency in elections next fall, will be back in court Thursday to once again ask a judge to allow him to be released on bail and monitored electronically.
The IMF said the process of choosing Strauss-Kahn’s successor will begin. Bank of Canada governor Mark Carney is apparently being considered for the position.
With files from the Associated Press.