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Published 2 years ago

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.

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