President Hosni Mubarak of Egypt has resigned. The announcement was made Friday by Vice-President Omar Suleiman. The news comes after 18 days of mass demonstrations in the country.

The armed forces council will be handling issues of state. It says it will fire Mubarak's Cabinet, suspend both houses of Parliament and rule with the head of the supreme constitutional court. According to a military source, Defense Minister Mohamed Hussein Tantawi will be the head of the ruling military council.

Opposition figure Mohamed ElBaradei says he is hopeful Mubarak's resignation will start a new Egypt with democracy and social justice. 

Following his speech at Concordia University, CJLO news director Erica Fisher spoke to Martin Luther King III about the current situation in Egypt. 

Click below to listen.

Tensions are as high as ever in Egypt. In a televised address yesterday evening, Mubarak defiantly refused to step down as president. He did make some concessions, saying he would transfer his power to his vice president Omar Suleiman.

But Egyptians were not happy, expecting the speech to be his last. Groups of the protesters broke away from Tahrir Square after his speech. Some headed to the presidential palace and others for the state television station, both heavily guarded by the Egyptian military.