The collapse of the Lebanese economy:
Saada a-Shami, Lebanon's deputy prime minister, said today (Monday) that the state and the central bank have gone bankrupt.
According to the Lebanese official, the losses will be shared between the state and the banks.
"Unfortunately - the country is bankrupt and so is the Bank of Lebanon. If nothing is done the loss will be much greater," he said.
In an interview with the Lebanese channel Al-Jadid, al-Hashemi said that "the truth cannot be ignored and it is impossible to live in a state of denial and it is impossible to open ATMs to all people."
He added that he wished they were in a normal condition.
The economic crisis in Lebanon has been fueled in recent years following the Syrian civil war.
Residents of the Gulf states who were outraged at Hezbollah's involvement in the war gradually began withdrawing money from the country's banks, in addition to citizens who left Lebanon following the explosion in the port of Beirut.
The continued withdrawal of funds did not allow the banks to cover for the losses caused to them as a result of the corruption of the government institutions.
This created a deepening hole in the Lebanese economy, with the prices of more and more basic products rising.
Were we wrong?
Fixed!
If you found an error in the article, we'll be happy for you to share it with us
