MP Charbel Masaad storms bank in Sidon
Independent MP Charbel Masaad on Friday stormed a bank in the southern city of Sidon to demand that a depositor be paid his money in cash, the state-run National News Agency reported.
The lawmaker, who is still inside the bank, held “banks, the banking system and the central bank governor responsible for people’s suicide,” NNA added.
The Association of Banks in Lebanon announced Thursday that the country’s banks will resume their open-ended strike on Tuesday, March 14, decrying recent judicial rulings. The banks had suspended their strike on February 24 at the request of caretaker Prime Minister Najib Mikati.
The strike began on Feb. 7 in protest of a recent court ruling that forced one of the country's largest banks to pay out two of its depositors their trapped savings in cash.
Lebanon's banks have been hard hit by the country's historic economic meltdown that began in October 2019 and have since imposed informal capital controls under which depositors have been able to withdraw only small amounts of their savings at an exchange rate far lower than the one used on the market.
The economic crisis -- rooted in decades of corruption and mismanagement by the country's political class -- has left more than three quarters of Lebanon's population of 6 million in poverty. The Lebanese pound has lost 97% of its value against the dollar.
The informal capital controls have prompted some overseas depositors, locked out of their savings, to launch lawsuits overseas and in Lebanon to pressure banks to release their savings in full. In Lebanon, some depositors opted to break into banks, armed, and forced cashiers to hand over their money. Several such armed actions last year prompted the banks to go on strike in September 2022 and close down amid security fears for a week.
In mid-February, angry Lebanese smashed windows and set tires on fire outside two of the country's biggest banks in the capital, Beirut, as the value of the Lebanese pound hit a new low.
Banks have meanwhile refused attempts to make their shareholders assume responsibility for the crisis -- as envisaged under a proposed economic recovery plan -- and have insisted that the government and their own depositors share the biggest burden for the losses.
10 March 2023, 19:58
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Has this Useful Idiot MP forgot about the source of banking crisis? Who caused an exodus of all good paying western firms? Who assassinated Hariri and M14 martyrs with their economic impact? who used its arm militia to control Lebanese institutions and insure political instability transforming Lebanon to an Iranian rocket base under Basij control? Who caused EDL benefits? Who evaded taxes and controlled illegal crossings? Who caused EDL deficit? Who caused sky high interests that made local and foreign investment impossible? Who made millions from illegal trading and capatagon isolating Lebanon from its surrounding? and list goes on. Frankly, this study Charbel MP we'll do us a favor if he shoots himself so we'll have little bit less garbage in this country.
11 March 2023, 22:04
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Corruption should be prosecuted to maximum extend of law but not the cause of Lebanon's bankruptcy and occupation by Iran's foreign legion. Corruption always existed but Lebanon was prosperous with vibrant economy, great institutions and modernizing laws. This in contrast to the worst form of corruption instituted by Hizb and FPM from illegal crossings, money laundering, drug trade, nepotism, and worst corruption of all cronies appointment at all state levels that FPM gets world record. All pale in Hizb cost to the economy that is in the hundreds of $billion that any reputable risk management firm can calculate with great accuracy. Risk management is a basic economic science on which major planning and financing decisions are made the world over. Sooner or later these analyses will be done for Lebanon so everyone understand and identify who took us to Hell and victimized our parents and children.
11 March 2023, 21:54
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Basic Economy for dummies like MP Massaad or Ghada Aoun that anyone with a calculator can verify:
A peaceful well governed nation can get loans at 2% yearly interest. Political instability increases interest to 6%-10% for same loan. In a country controlled by a criminal militia funded by a belligerent country, interest will exceed 15%.
A loan payable in 30 years costs:
80% more if interest=2%
474% more if interest=6%
1645% more if interest=10%
6521% more if interest=15%
That is why all long-term investments dried up in Lebanon, our economy collapsed, businesses and country went bankrupt, and banking system destroyed. Thanks for Useful Idiots Aoun, Bassil and Franjieh for taking us to hell while protecting Hizb criminal activity, risk to economy, and disabling interest rates. Any long-term project approved while HizbIran control Lebanon will be costing Lebanese and their children several times its actual cost. Simple risk management calculations.
