Tag Archives: Financial Crisis

When Lebanon’s financial crisis pushed Vartkes to leave for Armenia this summer, he never imagined he would volunteer to fight in Nagorno-Karabakh. The young Lebanese-Armenian didn’t think twice, however, when the conflict between Azerbaijani and ethnic Armenian forces erupted soon after his move. “I wanted to go that night,” Vartkes, …

Lebanese veteran politician Saad al-Hariri was named prime minister for a fourth time on Thursday and pledged to form a new government that can tackle the country’s worst crisis since its 1975-1990 civil war. After his nomination, Hariri said he would quickly form a cabinet of specialists “with a mission …

Lebanon’s President Michel Aoun said on Wednesday he would fulfill his duty in designating a prime minister but put the onus on the new premier to launch moves to pull the country from financial crisis. Sunni leader Saad al-Hariri is poised to be named prime minister at formal consultations on …

Lebanon’s President Michel Aoun has postponed by a week consultations aimed at choosing a prime minister to form a new government to tackle the country’s worst economic crisis since its 1975-1990 civil war, the presidency said on Wednesday. Aoun had been due to hold the consultations on Thursday and was …

Israel’s finance minister promised on Sunday the long awaited 2021 state budget would be ready in December amid accusations the government was dragging its heels for political reasons and after a third senior economic official quit in three months. Failure to pass last year’s budget was a big factor in …

Lebanon’s leading Sunni Muslim politician, former Prime Minister Saad al-Hariri, called for the restoration of a French plan to lift the nation out of its worst financial crisis since its 1975-1990 civil war. Former colonial power France, which has led foreign aid efforts, has tried to rally Lebanese leaders to …

Lebanon’s caretaker Prime Minister Hassan Diab said on Friday any step to lift subsidies now on vital goods would be unacceptable and would cause a “social explosion”. In a televised address, Diab, who resigned two months ago after a huge explosion damaged much of Beirut and worsened the country’s economic …

Lebanon’s leading Sunni Muslim politician, former premier Saad al-Hariri, called for the restoration of a French plan to lift the nation out of its worst financial crisis since its 1975-1990 civil war. Former colonial power France, which has led foreign aid efforts, has tried to rally have Lebanese leaders to …

Lebanon’s top Christian cleric said on Sunday the nation faced “multiple dangers” that would be hard to weather without a government, speaking a day after the prime minister-designate quit following his failed bid to form a cabinet. Mustapha Adib stepped down on Saturday after hitting a roadblock over how to …

President Michel Aoun warned on Monday Lebanon was going “to hell” if a new government could not be formed but agreeing one might take a miracle after positions had hardened between rival factions. His comments in a televised address underlined the severe difficulties facing French efforts to lift Lebanon out …

Lebanon’s top Christian cleric took a swipe at leaders of the Shi’ite Muslim community on Sunday for making demands he said were blocking the formation of a new government and causing political paralysis in a nation in deep crisis. Patriarch Bechara Boutros Al-Rai, leader of the Maronite church, did not …

France’s intelligence chief has joined efforts to push Lebanon to deliver a new government and reforms, Lebanese sources said on Thursday, buttressing President Emmanuel Macron’s bid to pull the country out of a devastating economic crisis. Macron is center stage in international efforts to press fractious Lebanese politicians to address …

Lebanese Prime Minister-designate Mustapha Adib called for the formation of a new government in record time and the immediate implementation of reforms as an entry point for an agreement with the International Monetary Fund. “The opportunity for our country is small,” Adib said after he was formally designated by President …

Lawmakers in the Iran-backed Lebanese Shi’ite group Hezbollah nominated Mustapha Adib as the next prime minister on Monday, the head of its parliamentary bloc said after a meeting with President Michel Aoun. The bloc “informed President Aoun of its agreement to the nomination of Mustapha Adib and we expressed our …

Hezbollah leader Sayyed Hassan Nasrallah said on Sunday the powerful Shi’ite movement was open to discussing a new political order in Lebanon if all factions agree to it, as foreign donors press for deep reforms to tackle the country’s multiple crises. The presidency has called for parliamentary consultations on Monday …

Lebanese banks that cannot increase their capital by 20% by the end of February 2021 will have to get out of the market, Central Bank Governor Riad Salameh told Reuters on Thursday. Those leaving would do so by giving their shares to the central bank, Salameh added. He said he …

France’s foreign minister said on Thursday that Lebanon risked disappearing due to the inaction of its political elite who needed to quickly implement a new government to implement crucial reforms for the country. “The international community will not sign a blank cheque if the they (Lebanese authorities) don’t put in …

Lebanon must shut down for two weeks after a surge in coronavirus infections, the caretaker health minister said on Monday, as the country reels from the massive Beirut port blast. “We declare today a state of general alert and we need a brave decision to close (the country) for two …

The U.S. government supports Lebanese demonstrators’ right to peaceful protest and urges all involved to refrain from violence, the U.S. Embassy in Beirut said on Saturday. The embassy also said in a tweet that the Lebanese people “deserved leaders who listen to them and change course to respond to popular …

French President Emmanuel Macron has told President Donald Trump that U.S. sanctions that have targeted Iran-backed Shi’ite group Hezbollah are playing into the hands of those they are meant to weaken, an Elysee official said on Saturday. The official, speaking ahead of a donors conference on aid to Lebanon co-hosted …

As Beirut mourns its dead and grapples with the scale of rebuilding after this week’s massive blast, some Lebanese activists planned to demonstrate in the city on Saturday, angered by the government’s response to the disaster. Tuesday’s port explosion, the biggest in Beirut’s history, killed 154 people, injured 5,000 and …

The United Nations has not received any requests to investigate the deadly explosion in Beirut’s port, a U.N. spokesman said on Friday after French President Emmanuel Macron called for an international inquiry. Dozens are still missing after Tuesday’s blast in the Lebanese capital that killed at least 154 people, injured …

Lebanon’s Foreign Minister Nassif Hitti resigned on Monday over what he described as lack of political will to reform as his nation wrestles with a financial crisis posing the biggest threat to stability since a 1975-1990 civil war. Foreign donors have made it clear there will be no aid until …

Lebanon needs a new prime minister to help it exit a deep economic and financial crisis, one of the country’s leading politicians said in an interview published on Wednesday. Veteran Druze power broker Walid Jumblatt said replacing Hassan Diab “should seriously be considered because he has amnesia,” according to comments …

France told Lebanon on Thursday that it had no option but to accept an IMF deal to help it out of a dire financial crisis and that Beirut must enact reforms urgently if it is to win foreign aid. Lebanon desperately needs such aid as it wrestles with a financial …

Zawqan Abdelkhalek, a nurse at the American University of Beirut’s (AUB) medical centre since 2012, was laid off on Friday along with hundreds of colleagues as even hospitals buckle under the weight of Lebanon’s economic collapse. “I have a baby daughter, I need to get her food and water and …

Ethiopian mother Alemtsehay Nasir went to Lebanon dreaming that her maid’s job would let her earn money to make a better life for her young son. But she was fired when the COVID-19 pandemic hit and her employers dumped her on the streets. The 32-year-old was left on the curb …

The Lebanese central bank will provide foreign currency at a fixed exchange rate of 3,900 Lebanese pounds per dollar for importers and manufacturers of essential food items, it said on Monday. The central bank “will secure the necessary amounts in foreign currency to meet the needs of importers and manufacturers …

Lebanon’s Christian authorities slammed politicians on Sunday for failing to remedy an economic meltdown that has left many poor, piling pressure on the country’s leaders as it spirals deeper into crisis. In a sermon, Maronite Patriarch Bechara Boutros Al-Rai, the top Christian cleric, accused politicians of thinking only of their …

Dozens of people lay flowers on a main Beirut street where a man killed himself on Friday, with some blaming his death on the country’s economic collapse that has left more and more Lebanese hungry. Reuters could not establish the motive for the apparent suicide. The 61-year-old man shot himself …

As accelerating poverty fuels anger, despair and fear of a social explosion, efforts by Lebanon’s ruling elite to salvage the country from a financial meltdown with IMF help seem to be going in reverse. A country known across the Middle East for its glamorous lifestyle and commercial savoir faire now …

Hezbollah does not oppose foreign aid to Lebanon, even from the International Monetary Fund, as long as the help does not impose conditions that harm the national interest, its leader said on Friday. In a televised speech, Sayyed Hassan Nasrallah said his Shi’ite movement, which backs the government, refused conditions …

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 …

Lebanon’s top leadership opposes repaying the country’s sovereign debt, the presidency said on Saturday, indicating the the heavily indebted state is heading towards a default as it grapples with a major financial crisis. A default on Lebanon’s foreign currency debt will mark a new phase in the crisis that has …

Lebanon’s state prosecutor suspended an order on Thursday to freeze the assets of 20 local banks, warning it would plunge the country and its financial sector into chaos, according to a copy of the decision seen by Reuters. Local lenders are at the heart of a financial crisis crippling Lebanon …

Currency crises occur when central banks cannot defend the official exchange rates, and recently taking centre stage as two countries in the region saw their currencies depreciate greatly. The two currencies in question are the Iranian rial and the Turkish lira. So, what happened? Countries support their national currencies by …

After years of stinging austerity measures, Greece emerged on Monday from its third and last bailout, although officials warn the country still has a “long way to go”. The European Union, the European Central Bank and the International Monetary Fund (IMF) loaned debt-wracked Greece a total of €289 billion ($330 …

By James M. Dorsey   Financial injections by Qatar and possibly China may resolve Turkey’s immediate economic crisis, aggravated by a politics-driven trade war with the United States, but are unlikely to resolve the country’s structural problems, fuelled by President Recep Tayyip Erdogan’s counterintuitive interest rate theories. The latest crisis …

Turkish banks moved to ease access to credit for companies as the prospect of further US sanctions and a review of the nation’s debt sent new convulsions through financial markets. In the latest steps to shield the economy from the recent rout of the lira, the Treasury and Finance Ministry …

The UAE’s banking system has “sufficient capacity to withstand a severe yet plausible deterioration in macroeconomic and financial market conditions,” according to the country’s central bank. The assessment comes after banks in the UAE underwent a regulatory stress test in 2017 put forward by the central bank to assess resilience …

Using cheques to settle bills, from rents, utilities to big-ticket purchases remains popular in the UAE, but it looks like people have smartened up or gotten extra cautious when dealing with non-cash transactions. The latest official data show that there have been fewer bad cheques intercepted in 2018 than in 2009, …

The Levant News– Economists are now warning of a global financial crisis coming nearer which can only be prevented by a military conflict. It could be the ongoing Syrian conflict which involves all world powers. A global economic analysis has revealed that war and economics are deeply interconnected as armed conflicts …