Hosni Mubarak has stepped down as President of Egypt after weeks of protests throughout the country, particularly in Tahrir Square in the nation’s capital of Cairo. Mubarak had stated in a message to the nation last week that he intended to continue as President of Egypt until elections could be help for a successor in September of this year. However, escalating demonstrations by the Egyptian people, especially in Cairo, have forced his hand, resulting in his announcement to step down. Mubarak is currently reported to be in Sharm al Sheikh, a resort town on the Red Sea. The military, a professional institution widely respected by the Egyptian people, will take over the duties of running the country until such time as a free and fair election can be held. The is no timetable for an election at this time.
Mubarak came to power in 1979 after the assassination of then-President Anwar Sadat. Sadat had made headlines by agreeing to a peace deal with Israel. The peace deal was brokered by then-U.S. President Jimmy Carter. Mubarak was Vice-President at the time of Sadat’s assassination. Mubarak has ruled under martial law continuously since that time.
Mubarak reportedly has a personal fortune of $70 billion which he has amassed during his tyrannical reign over Egypt. Governments around the world are currently considering freezing these assets. It is widely believed that Mubarak has amassed his fortune at the expense of his country, where some 40% of the people live on less than $2 per day.
Demonstrators were triumphant and jubilant today throughout the country, especially in Tahrir Square, which has served as the center of demonstrations over the past weeks. Celebrations continued well past midnight as civilians, sometimes joined by men in military uniform, savored the defeat of their erstwhile President through the use of people power. The successful demonstrations have been referred to as the Lotus Revolution.
Governments around the world are already turning their attentions to the promised elections. It is widely regarded that it may take a year, perhaps more, to prepare for and hold a free and fair election. There is some anxiety that the Muslim Brotherhood, which has been pressing for sharia law to be introduced into the country, may be a favorite in the coming election. the United States and Israel, among other countries, would not welcome such a development, fearing that the revolution pulled off by people power could be hijacked by Muslim fundamentalists.
Spokesmen for the transitional government are calling on the people to return to work tomorrow. The demonstrations have been characterized by work stoppages throughout the nation, causing a substantial loss of Gross National Product over the past weeks in this desperately poor country.
Egypt has been the recipient of tens of billions of dollars from the United States since it signed the peace deal with Israel under Sadat. the country reportedly received $1.5 billion from the U.S. last year. It has been suggested that the economic and military assistance Egypt has grown accustomed to from the United States could disappear if the Muslim Brotherhood, or some other regime distasteful to the U.S. gains power in the election.