Four years after defaulting on its public debt, Lebanon still has no access to international markets.
The problem lies in the fact that the restructuring of public debt must be accompanied by that of the domestic financial sector.
“
However, this other aspect, the banking crisis, involves a distribution of losses of several tens of billions of dollars that the leaders do not want to assume, preferring to impose on the Lebanese in general and on depositors in particular a very brutal adjustment
” , explains Jean-Michel Saliba, director of the Middle East and North Africa economic research department at Bank of America.
He refers to the 40% fall in GDP which makes the Lebanese crisis one of the most serious in modern history according to the World Bank.
A crisis which has continued to grow since its outbreak, due to the “
deliberate inaction
” of the authorities.
This results in the progressive disintegration of institutional structures…
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