Gadhafi Speech Escalates Violence in Libya

NEW YORK ( TheStreet) -- The situation in Libya continued to deteriorate late Tuesday as the latest reports said violence in the capital city of Tripoli has escalated since Libyan leader Moammar Gadhafi gave a defiant speech earlier in the day.

According to the New York Times, thousands of Gadhafi supporters had gathered in Tripoli's city square with machetes with many then boarding trucks to be taken to other areas of the city.

The Times said the most recent confirmed death toll from Human Rights Watch was 62 but that tally was from Monday night. The NYT article said the toll was "probably higher" and quoted a witness in Libya as saying militia forces were using vans to carry bodies away.

Other developments in other parts of the country seemed to be indicative of Gadhafi losing power in certain areas.

The Wall Street Journal reported his forces seemed to have lost control of sections of the eastern part of the country, saying the country's old red and green flag had been sighted flying in the city of Tobruq. The flag has been outlawed under Gadhafi's rule, which has lasted roughly 40 years.

-- Written by Michael Baron in New York.

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