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Egyptian President Mohamed Mursi has vowed to remain in power despite the on going protests against his leadership and ultimatum.

He appeared  on State Television during a midnight broadcast and stressed to the nation that he had been democratically elected.

“We now have a reference, we now have legitimacy, an elected leader, a constitution voted by the people. We respect this legitimacy, it will be the only way to avoid civil unrest.”

“The price of preserving legitimacy is my life,” he said. “Legitimacy is the only guarantee to preserve the country.” He added

Mr Morsi’s defiant comments set the stage for a coming confrontation. Political opponents who have spearheaded a nationwide insurrection want him to stand aside immediately and call early presidential elections.

The military meanwhile have given him a deadline of 48 hours in which to come to terms with the opposition. At around 4pm this afternoon, that deadline will expire.

In  the state broadcast ,Mursi  admitted he had made some mistakes, but went on to blame much of the trouble on remnants of the ousted regime of Hosni Mubarak.

Egypt President Mohamed Morsi

Egypt President Mohamed Morsi

Early Wednesday,bloodshed intermingled with blood oaths  in Egypt, as time appeared to be running out on  President Mohamed Mursi.

By the morning hours, health officials had counted the bodies of 16 people, who died when Mursi’s angry opponents met head on overnight with his supporters at Cairo University.

Another 200 people left the clashes with wounds, bruises, and other injuries, state-funded Al-Ahram news reported, after rocks, Molotov cocktails and bullets flew.

Egypt Protest

Demonstrations elsewhere in Egypt were mostly peaceful, and protest leaders have called for non-violence.