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Tags: ML | Lebanon | Economic | Crisis

Paralyzed by Protests, Lebanon's Fiscal Crisis Worsens

Paralyzed by Protests, Lebanon's Fiscal Crisis Worsens

Wednesday, 30 October 2019 03:37 PM

BEIRUT (AP) — Lebanese banks have been closed for the last two weeks as the government grapples with mass demonstrations that have paralyzed the country, but an even greater crisis may set in when they reopen Friday.

There are concerns the government might not have enough foreign reserves to defend its flagging currency, service its massive debt, and maintain the import of vital goods, particularly if there's a run on the banks.

Lebanon already was dealing with a severe fiscal crisis rooted in years of heavy borrowing and expensive patronage networks run by political parties.

A proposed tax on the WhatsApp messenger service, following an unpopular austerity package, sent hundreds of thousands into the streets starting Oct. 17. They brought the country to a halt in hopes of pressuring the government to resign.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Lebanese banks have been closed for the last two weeks as the government grapples with mass demonstrations that have paralyzed the country, but an even greater crisis may set in when they reopen Friday.There are concerns the government might not have enough foreign reserves...
ML,Lebanon,Economic,Crisis
132
2019-37-30
Wednesday, 30 October 2019 03:37 PM
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