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The Egyptian military's ultimatum for Morsi.

CAIRO -- Egypt's powerful military warned on Monday it will intervene if the Islamist president doesn't "meet the people's demands," giving him and his opponents two days to reach an agreement, as thousands of protesters massed for a second day calling on Mohammed Morsi to step down.

The 48-hour ultimatum, said the military, was a "last chance."

The military's statement, read on state television, puts enormous pressure on Morsi and his Muslim Brotherhood. So far, the president has vowed he will remain in his position, but the opposition and crowds in the street – who numbered in the millions nationwide on Sunday – have made clear they will accept nothing less than his departure and a transition to early presidential elections.

That makes military action when the deadline runs out nearly inevitable, since a deal seems unlikely. It did not define the "people's demands" that must be met. But it strongly suggested that Sunday's gigantic rallies expressed the desire of Egyptians, raising the likelihood it would insist on Morsi's departure.