Egypt's athoritarian leader Hosni Mubarak said in a press conference held in Cairo, the nation's capital, that he will not step down as many hoped he would.
According to a live CNN broadcast, Mubarak said, in front of thousands of egyptians protesting the government, that he will be transfering some powers to Vice President Omar Suleima, his closest confidant.
"The priority now is to restore the confidence among the Egyptians themselves," Mubarak said. "The confidence we have started will not be retracted."
He's giving them two choices, said a CNN reporter on the station's live broadcast: Suleiman or chaos.
President of Egypt since 1981, Mubarak said he intends to stay in power at least up until September elections, although he said he will not run.
Egyptian people are frustrated with Mubarak's leadership, which some say has led to the country's struggling economy.
According to the 2011 CIA World Factbook, the country's unemployment rate has reached 9.7 percent. One in five Egyptians live below the poverty line, according to 2005 estimates.
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