Well that didn't take long...

Despite his claims earlier in the day that he would remain in power, President Mubarak of Egypt has just stepped down and handed over power to the military. Mubarak himself did not address the people, but instead had his VP Omar Suleiman announce the word. He stated:

"In these grave circumstances that the country is passing through, President Hosni Mubarak has decided to leave his position as President of the Republic. He has mandated the Armed Forces Supreme Council to run the state. God is our protector and succor."

The reaction was immediate with Tahrir Square breaking out into celebration. Peaceful protest has once again caused a regime change in the region. The military has already made a statement declaring that they wish for a transition government to be formed quickly according to the protesters original demands and that they do not wish to retain power. This was a prime concern when it was originally stated that the military would step in, but thus far these fears seem unfounded. With so many of the military's ranks in support of the protests it would have been unwise for the military heads to have made any other decision as the internal unrest it would create could very easily destabilize the military.

So here is to the Egyptian people, may you enjoy your well earned celebration and make the most of your new start.

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References:
Yahoo News
NewsnetScotland.com