Mubarak May Stand Down as Army Meets to `Safeguard' Nation

Egyptian President Hosni Mubarak may announce today whether he will stand down as the army discusses measures “to safeguard the interests” of the country after more than two weeks of protests demanding his ouster.

Mubarak will decide “within hours” whether or not to resign, Cabinet spokesman Magdi Rady said in a telephone interview today. State television said Mubarak will address the nation from the presidential palace today.

Egypt’s top military body decided today it will stay in permanent session in response to the “legitimate” demands of the Egyptian people, according to a statement read on state television described as “Declaration 1.”

Mubarak’s rule may be nearing an end after hundreds of thousands of Egyptians flooded the country’s main squares and thoroughfares to demand his exit. The violence, which the United Nations says has killed more than 300 people, sparked concern about contagion in a region that holds more than 50 percent of the world’s known oil reserves

Egyptian dollar bonds rebounded today and the yield on the 5.75 percent dollar bond due April 2020 fell 3 basis points to 6.56 percent at 6:05 p.m. in Cairo.

In Tahrir Square, the epicenter of the protests, crowds gathered in front of large television screens and chanted ``the thieves have robbed Egypt, but the army is protecting you.''