Down goes Mubarak

Source: WSJ
FEBRUARY 11, 2011, 4:47 P.M. ET
AT A GLANCE: Egypt's Mubarak Steps Down; Military Takes Over

THE NEWS


Egyptian President Hosni Mubarak resigned his office Friday, giving in to 18 days of mass demonstrations calling for his ouster and democratic reforms. Mubarak ended his 30-year grip on power by ceding control of the nation to the military.


THE DETAILS:


The announcement was delivered by Egypt's recently appointed vice president, Omar Suleiman, who said, "because of the current circumstances in the country the president, Hosni Mubarak, has decided to step down, and the higher command of the army is taking control of the country."

Mubarak's resignation came less than 24 hours after he said he handed power to Suleiman, but said he would keep his title until September elections. This half-measure failed to mollify his opponents.


THE MILITARY'S ROLE:


While the army remains one of the most respected institutions in Egypt, it is untested in a governing role and the implications of military rule remain unclear.

The armed forces won't oppose the "popular will" and would not "be an alternative to the popular legitimacy wanted by the people," a spokesman said in a televised address later Friday.

Later Friday, Sen. Patrick Leahy (D., Vt.), who heads the committee responsible for yearly spending on diplomacy and international aid, warned annual U.S. aid to Egypt could be "at risk" if Cairo's military thwarts a transition to democratic rule.


CITIZENS CELEBRATE IN THE STREETS:


Demonstrators in Cairo's Tahrir Square and outside the state television center--and in streets nearby--erupted in jubilation when the Mubarak news was broadcast.

Among the celebrants was 22-year-old Hisham Ahmed. "The history of Egypt begins today," he said "Egypt is like camel meat: It takes a long time to cook, but when it does, it's sweet."


THE MARKETS:


- Crude settled at a two-month low after fears of supply disruption subsided.

- The euro fell against the dollar, as relief over Mubarak's resignation gave way to new questions about what could happen next in the Mideast.

- Safe-haven Treasurys rose after a recent selloff, but the rally faded as worries about geopolitical risks in the Middle East eased.

- U.S. stocks concluded a second-straight week of gains at fresh 2 1/2-year closing highs.



INTERNATIONAL REACTION:


President Barack Obama said the Mubarak's departure marks the beginning of a new chapter in the Middle Eastern country, one that he thinks will be difficult but more democratic. "Egyptians have made it clear that nothing less than genuine democracy will carry the day," he said, while acknowledging there will be tough days ahead.

United Nations chief Ban Ki-moon said the army must allow free and fair elections to get back to civilian rule.

European leaders, too, were united in calling for a swift transition to democracy.

Arab League chief Amr Mussa hailed the Egyptian people and army for their "historic achievement" and called for national consensus.

Saudi Arabia and Israel, in particular, were put on the defensive as events rattled regional allies and foes alike, threatening a decadeslong balance of power in the Mideast.

Lebanon's Hezbollah congratulated Egyptians on their "historic victory."

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Time for a new social revolution. It's up to them to make their revolution successful. Good luck Egypt