Lebanon bank holdups: Who is the real criminal? | Debt
Written by Black Hot Fire Network on November 21, 2022
Today, Lebanon has an enormous $72bn hole in its national finances. That figure alone, by any measure of the law, maths or logic should mean that Lebanon’s banks are bankrupt. Yet since the onset of the financial crisis, Lebanon’s banks and their supposed regulator, the Banque du Liban (BDL), have been making a bizarre ontological argument to avoid paying back their depositors and officially declaring bankruptcy.
Despite there being no official capital controls, more than 60 of the country’s commercial banks have adopted the policy that a US dollar is . . .
