MercoPress. South Atlantic News Agency

Bolivian president resigns.

Bolivian president Hugo Banzer seriously ill with cancer and under medical treatment in United States will officially resign next August 6th., the country's independence day.

Former Army officer Hugo Banzer, who ruled as a military dictator during the seventies, but was democratically, elected in 1998 will read a short speech in the city of Sucre, Bolivia's historic capital, next August explaining the reasons for his exit with a year's anticipation.

Mr. Banzer will be formally replaced by vice president Jorge Quiroga Ramírez a young US trained engineer who has been running the country since the president became ill and had to be flown to Walter Reed Hospital in Washington.

Last week Bolivia's Trade and Industry Confederation suggested it was time for a change in office to ensure stability and dispel any uncertainties about the future. Bolivia's economy is also undergoing a recessive period and one of its main accomplishments, eliminating thousands of acres of coca plantations, has also turned into the regime's main challenge. Thousands of peasants have revolted blocking roads and attacking riot police demanding the promised payments for ending coca harvesting.