The Huffington Post is reporting that Egyptian President Hosni Mubarak refuses to step down but will hand over power to his vice president.
Highlights of the address:
"Martyrs and injured" will not be forgotten.
“Those who are responsible” will be punished.
"Your demands are legitimate and just demands."
"I will never accept 'foreign' dictations."
He says he will not run for president in September, as he promised, but that he will continue the oath of his office.
He says that will "continue to shoulder" his responsibilities and will work for a peaceful transition of power.
He will amend six constitutional articles.
He says that confidence needs to be restored, and points out that the protests have affected the economy.
He will transfer powers to Vice President Omar Suleiman.
"It's not about me. It's not about Hosni Mubarak. It's about Egypt.”
We are certain that the protesters in the audience and Egyptians around the country can agree with the "It's about Egypt” point, but they have a very different take on it. Tahrir Square erupted after the speech into chants of "Leave, leave, leave!" Handing over power may not be enough, and it's clear that this story is far from over.
Read more and watch the address at the Huffington Post.