LA PAZ, Bolivia — Bolivian President Evo Morales announced his resignation Sunday under mounting pressure from the military and the public after his re-election victory triggered weeks of fraud allegations and deadly protests, The Washington Times reported:

The decision came after a day of fast-moving developments, including an offer from Morales to hold a new election. But the crisis deepened dramatically when the country’s military chief went on national television to call on him to step down.

“I am sending my resignation letter to the Legislative Assembly of Bolivia,” the 60-year-old socialist leader said in a statement.

In an analysis, Andrea Lobo argued that:

After three weeks of protests following the disputed October 20 presidential elections, the imperialist powers and their Bolivian client elite have overthrown the government of Morales. In the context of a deepening crisis of global capitalism and a resurgence of the class struggle internationally, including recent mass strikes among miners and doctors in Bolivia, the ruling class lost confidence that Morales and the MAS apparatus can continue to suppress social opposition.

Despite empty calls to “preserve democracy,” the US government is backing a takeover of the most racist and authoritarian Bolivian politicians and state officials to install a regime that will ruthlessly crackdown on opposition as global finance demands a full-blown exploitation of Bolivia’s vast and strategic oil and mining resources, including 70 percent of global lithium reserves.

However, Morales, as reported by AP, “drew ire by running for a fourth term in defiance of term limits before claiming victory in an election mired in allegations of fraud”, thus sparking the protests. Following his resignation, Morales tweeted [last night] that he is “leaving for Mexico” after that country agreed to grant him asylum.