February 11, 2011

Egypt President Hosni Mubarak Resigned

Egyptian President Hosni Mubarak's decision to hand power to the military boosted stocks around the world on Friday as hopes grew for a peaceful transition of power.

Markets had earlier been lower after Mubarak defiantly held onto his position in a speech the day before, fueling concerns that the political standoff was a long way from being resolved. That sentiment was lifted when Vice President Omar Suleiman told state TV that Mubarak had resigned.

"In these difficult circumstances that the country is passing through, President Hosni Mubarak has decided to leave the position of the presidency," Suleiman said. He has commissioned the armed forces council to direct the issues of the state."

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