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Tag Archives: Financial Crisis

BREAKING NEWS – Adib now formally PM, outlines terms to IMF

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 …

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Nasrallah willing to negotiate new political order in Lebanon

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 …

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Lebanon enters new crisis as COVID figures surge

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 …

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Walid Jumbulat says Lebanon needs new PM

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 …

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Lebanon fixing exchange rate to help imports

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 …

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Hezbollah okay with IMF loan, but with conditions

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 …

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Lebanon formally declares its readiness for default

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 …

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Lebanese prosecutor refuses to freeze assets

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 …

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Greeks still waiting for Godot despite end to bailouts

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 …

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Turkey’s financial crisis raises questions about China’s debt-driven development model

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 …

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