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The President said he was not of the opinion the international community would accept a nuclearised Iran.
There is another deadline for Iran later this month and in case the requirements were not met by Tehran, more sanctions would be imposed, he feared.
On Egypt's decision to resume its nuclear programme, Mubarak said it was due to the small oil and gas reserves in Egypt.
A collapse of the nuclear non-proliferation system in the region would open the door to a nuclear arms race, he cautioned.
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