from flickr user busy.pochi

The Ivory Coast is on the brink of civil war after two presidential rivals swore themselves in at separate ceremonies hours apart.

The AP says, "The UN confirmed that challenger Alassane Ouattara won, but incumbent President Laurent Gbagbo defied calls by most of the international community including the U.S., France and the European Union to step down and went ahead with an inauguration over the weekend."

President Obama sent a letter to Gbagbo urging him to step down.

So far at least 20 people have been killed in election-related violence. Both sides have set up separate posts and have access to arms. The UN has moved non-essential staff out of the country.

According to the Wall Street Journal, the conflict will dramatically impact the economy of the Ivory Coast and its neighbors.

"The World Bank and African Development Bank issued a joint statement Sunday saying they were reassessing "the usefulness and effectiveness of our programs given the breakdown in governance [in Ivory Coast]." The European Union threatened sanctions if the political standoff wasn't resolved."