Explainer: Lebanon's financial crisis and how it happened

Summary by Ground News

After the civil war, Lebanon balanced its books with tourism receipts, foreign aid, earnings from its financial industry and the largesse of Gulf Arab states. The central bank, Banque du Liban, led by former Merrill Lynch banker Riad Salameh, introduced a range of mechanisms that amounted to offering banks lavish returns for new dollars.

4 months ago

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Times of India

lebanon: Explainer: Lebanon's financial crisis and how it happened

Middle East News: Lebanon is grappling with a deep economic crisis after successive governments piled up debt following the 1975-1990 civil war with little to show for .

4 months ago·Mumbai, India

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Reuters

Explainer: Lebanon's financial crisis and how it happened

By Edmund Blair - Lebanon is grappling with a deep economic crisis after successive governments piled up debt following the 1975-1990 civil war with little to show for their spending binge. Banks, central to the service-oriented economy, are paralysed. Savers have been locked out of dollar accounts or told that funds they can access are now worth a fraction of their original value. The

4 months ago·United Kingdom

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National Post

Lebanon's financial crisis and how it happened

Lebanon is grappling with a deep economic crisis after successive governments piled up debt following the 1975-1990 civil war with little to show for their spending binge. Read More

4 months ago·Canada

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OAN

Explainer-Lebanon’s financial crisis and how it happened

January 23, 2022By Edmund Blair(Reuters) – Lebanon is grappling with a deep economic crisis after successive governments piled up debt following the 1975-1990 civil war with little to show for their spending binge.Banks, central to the service-oriented economy, are paralysed. Savers have been locked out of dollar accounts or told that funds they can access are now worth a fraction of their original value. The currency has crashed, driving a …

4 months ago·San Diego, United States

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