Pope Benedict XVI to Resign From Papacy

By Bloomberg - 2013-02-11T19:08:35Z

Photograph by Thomas Coez/AFP via Getty Images

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Elected as Pope

Ghanaian Cardinal Peter Turkson, 64, is the 9-4 favorite to become the next pope, according to Irish betting site Paddy Power Plc. Canada's Marc Ouellet, 68, is second favorite at 5-2, followed by Nigeria's Francis Arinze, 80, at 3-1. Pope Benedict will have no role in choosing his successor, Vatican spokesman Father Federico Lombardi said at a press conference in Rome. The pope will initially retire to his summer residence in Castel Gandolfo before transferring to a convent, Lombardi said.

Left, German Cardinal Joseph Ratzinger, newly ordained as Pope Benedict XVI, appears at the window of St Peter's Basilica in the Vatican after being elected as the 265th pope of the Roman Catholic Church on April 19, 2005.