Gaddafi's rule has come to an end: Obama

United States President Barack Obama led world leaders on Monday in conveying that there was no turning back the clock in Libya and tyrant Muammar Gaddafi had no place in the future set-up of the strategic north African country.

"The surest way for the bloodshed to end is simple. Gaddafi and his regime need to recognise that their rule has come to an end," the US President said as Libyans around the world celebrated the imminent end of the man who ruled Libya for 42 years.

As TV channels beamed pictures of rebel fighters and people dancing with joy at Tripoli's historic Green Square, now renamed Martyr's Square, British Prime Minister David Cameron declared that Gaddafi was in "full retreat" and told him he had no hopes of clinging to power.

As European envoys reported that rebels controlled almost 95 per cent of Libya, Cameron also announced that Britain will soon release frozen Libyan assets to help a new transitional government, BBC reported.

Welcoming the triumph of the rebels, the French government announced that Paris would host a meeting of international powers engaged in the Libyan conflict next week to chalk out ways to ensure a smooth transition to democratic rule in Libya.

According to BBC, President Nicolas Sarkozy said in a statement that Gaddafi, to avoid bloodshed, should immediately renounce power and tell forces still loyal to him to cease fire.

The comments were echoed in Berlin where Finance Minister Philip Roesler told reporters, "Gaddafi will be caught soon and handed over to the international court in Hague for trial".