Posted on 03/07/2020 12:15:46 PM PST by Oldeconomybuyer
BEIRUT - Lebanon announced it cannot meet its debt payments and halted a March 9 bond payment of $1.2 billion on Saturday, setting the heavily indebted state on course for a sovereign default as it grapples with a major financial crisis.
In a televised address to the nation, Prime Minister Hassan Diab said foreign currency reserves had hit a “critical and dangerous” level and were needed to meet basic needs. He called for “fair” negotiations with lenders to restructure the debt.
The default will mark a new phase in a crisis that has hammered the economy since October, slicing around 40% off the value of the local currency, denying savers free access to their deposits and fuelling unemployment and unrest.
The crisis is seen as the biggest risk to Lebanon’s stability since the end of the 1975-90 civil war.
The long-brewing crisis came to a head last year as capital inflows slowed and protests erupted over decades of state corruption and bad governance.
“We are paying the price for the mistakes of the past years. Must we bequeath them to our children?” Diab said.
The Lebanese had “lived a dream that was a delusion as though things were just fine, while Lebanon was drowning in more debt”, he said.
Diab was appointed in January with backing from the Iran-backed group Hezbollah and its allies. Former prime minister Saad al-Hariri, a traditional ally of the West and Gulf Arab states, stayed out of the government.
(Excerpt) Read more at reuters.com ...
Solution: Embrace free-market capitalism and get rid of Hezbollah. Mission accomplished.
“The Lebanese had “lived a dream that was a delusion as though things were just fine, while Lebanon was drowning in more debt”, he said.”
C’mon man. Nobody does that.
Lebanon was a great country, until the Muslims took over.
Well, you have to have a good position from which to rain down missiles on the infidel Jews. The infidel Christians were in the way but as long as they pay their jizya they can be allowed to live, for now. First, we deal with the Saturday people, then the Sunday people.
Sell to Israel.
Shorty Bloomberg should buy Lebanon and show the world he has what it takes to be a great leader.
One thing I never see on any product that I use is “Made in Lebanon”.
Lebanon used to be 80% Christian. Now it’s a total muslim sh*tshow
Yep, my buddy Nadji said the same thing. After he was sworn in as a citizen, the Leb rep asked him if he wanted his Lebanese passport. He told him he could take that passport and shove it up his arse...that he was never going back. The smartest machine man I have ever known. He learned his skill working on ships in the Mediterranean Sea. Nadji & Needra. R.I.P., Nadji...GREAT American.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.