Its called surfing, Lebanese banks have to keep on bringing more deposits, or the whole financial system will sink. They run after expats money like crazy trying to postpone the collapse. Noting can prevent a coming depression where we all will lose so much, and a few will get richer. Remember the 80s and the Lebanese Pound? Remember the treasury bonds and the public debts? Remember downtown and peoples properties? One more is due soon, and it is designed where all the others were designed, at the Central Bank and the Association of Lebanese Banks. The poor will get poorer, the middle class will disappear, the expats will lose their shirts, and a few will get richer. But most importantly, Lebanon will never regain any kind of freedom, no matter how minimal it can be.
Posted on: Thu, 17 Jul 2014 09:00:55 +0000
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