Lebanon Deputy Prime Minister Declares National Bankruptcy

Lebanon Deputy Prime Minister Saadeh Al-Shami on Monday says that state and Central Bank Banque du Liban have gone bankrupt with the authorities are working to reduce losses for the people.

“The losses will be distributed among the state, the Banque du Liban, banks and depositors,” a local TV channel, Al-Jadeed quoted Al-Shami as saying.

Al-Shami said that there is no conflict of views about the distribution of losses.

“There is a fact that cannot be ignored, we cannot live in a state of denial, and we cannot open banking withdrawals to all people, and I wish that we were in a normal state,” Al-Shami added.

Al-Shami further went on saying that there “are absolutely no restrictions on internal bank transfers and withdrawals from bank to bank in the Capital Control Law.”

Lebanon is suffering from an economic crisis since late 2019 and its currency also lost 90% of its value. The country is also facing with shortages of fuel and medical with the people are also not able to buy basic goods, including food, and potable water.

Editors Note: Story “LEBANON-DECLARES-BANKRUPTCY” corrected on 04.04.2022 21:19

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