Articles tagged "Financial crisis"
Wired for Change: Privatization vs. State Control in Lebanon’s Electricity and Telecoms Sectors
Reform of state-owned enterprises is both possible and necessary, starting with electricity and telecoms
EU Aid to Lebanon: Bribes for Bad Behavior
The manner in which Brussels has meted out €1billion to Lebanon smacks of opportunism and a reward for flouting reforms
Lebanon’s Largest Employer, the Army, is Well-Respected but Needs Reform
Calls to defund it will grow louder if the institutional bloat, accusations of graft and political infighting aren’t fixed
Lebanon’s Last Chance for Deposit Recovery
Running from Disaster: A Roadmap for Rescuing Lebanon’s Telecoms and Electricity Sectors
Reform of state-owned enterprises is both possible and necessary, starting with electricity and telecoms.
Redeeming Lifesavings: The Progressive Deposit Recovery Plan
The Progressive Deposit Recovery Plan offers an opportunity for accountability and the redemption of the Lebanese people’s lifesavings.
Lebanon’s New Deposit Recovery Plan
Rescuing What’s Lost: Progressive Deposit Recovery Plan
The Progressive Deposit Recovery Plan offers a lifeline for Lebanese depositors, aiming to recover and restore funds once deemed lost in the country’s financial turmoil.
Don’t Let It Burn: Lebanon’s Last Chance for a Progressive Deposit Recovery Plan
Reckless profiteering and the banking sector’s insolvency demand a bold deposit recovery plan to restore financial integrity in Lebanon.
Exchange Rate Mis-Regulation: A Nation Short-Changed
Independence Day: Time to End France’s Protection of Lebanon’s Elite
On the 80th anniversary of Lebanon’s independence, Paris must end its foreign policy of cultivating Lebanese political factionalism.
Exchange Rate Mis-Regulation: A Nation Short-Changed
The Lebanese financial crisis, driven by fiscal mismanagement and central bank interventions, has resulted in market distortions and multiple exchange rates, worsening economic disparities.
Onwards and Upwards? The Lira’s Treacherous Route Ahead
To restore stability and credibility, the government must reform the central bank’s governance, tighten fiscal policy, and ultimately execute a carefully managed float of the lira.
Currency Chaos: Lebanon’s Exchange Rate Policy
Assessing Lebanon’s exchange rate chaos: Sayrafa, monetary governance reforms, and the need for a managed float of the lira.
Sanction elites to stop Lebanon from becoming a failed state
Only coordinated US and EU sanctions may prevent Lebanese leaders from driving the country into the void.
Sayrafa Explained: How Lebanon’s Central Bank Quells Unrest by Subsidising Elites
“A weak and inefficient monetary tool”
Undermining Democracy: Lebanon’s Cabinet Violates Constitution To Protect Banking Elite
Lebanon’s cabinet violates constitution to protect banking elite.
Sign of the Times: The information That Tripolitans Need To Survive
Electricity timetables, roadcuts and the hourly exchange rate. This is information that Tripolitans – people living in Lebanon’s second-largest city of Tripoli – never thought they would have to rely on so dearly one day. Since the beginning of Lebanon’s financial collapse in 2019, considered by...
‘They’ Have Names: Who’s Behind Lebanon’s Banks & State
An editorial investigation into how the vested financial interests of Lebanese bankers and politicians are one and the same.
‘They’ Have Names
Ending the anonymity surrounding bank ownership and management is the first step towards accountability for Lebanon’s financial crisis.
Cross Contamination: The Banking Interests Plaguing Public Office in Lebanon
The Alternative’s investigation of Lebanon’s banking sector reveals conflicts of interest behind the country’s financial and political masters
Shadow Trade: Smuggling’s Winners, Losers & Enduring Dynamics
Why illegal cross-border commerce is so hard to stop.
Rock Bottom: The Tax Reforms Lebanon Has to Have
The government’s inequitable revenue structures can no longer afford to keep burdening the poor while giving a free pass to those with the means to pay their share of taxes.
Lebanon’s 2022 Budget: Harsh Realities of Tax Reform and Government Intentions
Lebanon’s 2022 budget’s has a preference for regressive taxation, potentially shielding the wealthy while financially straining ordinary citizens.
Trick Not Treat: Lebanon’s banking secrecy law is more appearance than substance
Lebanon amends banking secrecy law to appease the IMF but leaves loopholes to protect politico-banking elite.
Bank Restructuring in Lebanon: Depositor Protection, Clawbacks, and Legal Loopholes
Addressing Lebanon’s banking turmoil through lirafication debates, accountability for large deposits, clawbacks, bankruptcy laws, and potential conflicts of interest in governance.
Rhetoric or Reform: Lebanon’s 2022 Financial Recovery Plan
Analyzing Lebanon’s 2022 Financial Recovery Plan, from its ambitious promises to critical flaws in depositor compensation, fund structure, wealth legitimacy checks, and the glaring lack of accountability.
Ministry of Finance Budget Circulars November – December 2022
Summary and analysis of circulars and decisions issued by the Ministry of Finance and Banque Du Liban from November to December 2022
Saade Chami’s Financial Reform Plan: Another Tool To Disregard Accountability
The Financial Recovery Plan appears to solve Lebanon’s financial crisis, but a closer look reveals it’s a tool to preserve elite interests at the expense of depositors’ savings.
Restructuring Lebanon’s Banking Sector And Financial System: A Long Way To Go
Lebanon’s draft laws aim to reshape its financial landscape, yet ambiguities may hinder complete restoration of confidence in the sector.
Lebanon Bank Holdups, Who Is The Real Criminal?
Lebanon’s bank hold ups are the result of lawlessness created by banks, not desperate depositors.
The New Banking Secrecy Law: An Advance But Not A Victory
Lebanon’s updated banking secrecy law is progressing towards reform, yet riddled with ambiguities and potential for power abuse.
The Updated Banking Secrecy Law: A Step Forward with Lingering Loopholes and Challenges
Assessing Lebanon’s revised banking secrecy law and its progress, while pointing to its loopholes, need for independence, and effective enforcement mechanisms.
Constitutional Mayhem: No Government, No President
Lebanon is poised for executive-level disarray ahead of a presidential vacuum and caretaker cabinet.
From Bail-out To Bail-in: Distribution Of Losses And Accountablity In Lebanon’s Financial Plan
Lebanon must transition from a depositor-funded bail-out to a just bail-in, holding those responsible for the financial crisis accountable and ensuring fair loss distribution through international standards and local laws.
Bogus Budget: Lebanon’s 2022 budget punishes the poor to protect the rich
By kicking the can down the road on comprehensive reform, the 2022 budget is just another power grab by the establishment.
Lopsided Fallout: The Crisis of Financial Loss Distribution
Exploring Lebanon’s loss distribution dilemma, focusing on banks using depositor funds to cover losses, evasion of accountability standards, and the urgent need for bank restructuring.
Controlled Chaos: Analyzing Lebanon’s Capital Control Policy
Analyzing Lebanon’s capital control laws, highlighting issues like illegitimate withholding of funds, conflicts of interest in regulatory bodies, depositor discrimination, and the need for stringent, fair amendments.
Capital Control: Concealing Corruption
Lebanon’s capital control proposal risks entrenching financial corruption by granting banks undue amnesty and empowering a politically biased committee.
High-Stake Blaming: Lebanon scapegoating Syrian refugees for economic crisis
Tensions rise as Lebanon hypes non-existent “plan” to return 15,000 Syrians per month
Morally Bankrupt: The legal solution to the banking crisis no one is talking about
Lebanese banks are avoiding the legal implications of declaring bankruptcy.
Ignore the Mirage: Oil and gas will not save Lebanon
News of expected windfall revenues from Lebanon’s potential offshore gas fields require contain many hidden caveats.
The Great Sell-Off: How Lebanon’s banking sector sold off the country’s financial future to foreign interests
An investigation by Badil reveals previously unknown details of Lebanon’s Eurobond default and how the banking sector manipulated it to facilitate billions of dollars in foreign transfers.
Open Secret: Lebanon moves to replace archaic banking secrecy, at first glance
While a step in the right direction, Lebanon’s draft banking secrecy law remains riddled with loopholes and avenues for abuse of power.
Battle Lines: Ten economic principles for Lebanon’s progressive opposition
Regardless of the election results, the progressive opposition movement needs to follow a clear set of economic principles to take to the people, and the IMF.
Double-Dealing: Financial elites loom over Lebanon’s proposed capital controls
These informal capital controls – which have no basis in law – facilitate rampant discrimination between well-connected elites and most other depositors.
Vague Intentions: IMF ‘deal’ skirts accountability for Lebanon’s elites
Without details, the IMF’s conditional staff-level agreement does more to entrench political and banking elites than to resolve Lebanon’s financial disaster.
Business As Usual: Long-standing corruption threatens Beirut’s port reconstruction
The ten-year contract to operate the Beirut Port’s container terminal looks to be just the beginning of collective erasure and return to the status quo.
Market Incorrection: New Competition Law Allows Status Quo to Continue
The law, which civil society groups and the international community have demanded for decades, purports to liberate Lebanon’s private sector from control by politically connected cartels.
End Of The Line: Day of reckoning must loom over Lebanon’s elites
As long as the global food and energy crisis continues, Lebanese households – which rely overwhelmingly on imported products – will start skipping meals, eating less, losing nutrients, and falling ill.
Nowhere To Heal: The growing luxury of medical cover in Lebanon
Broadening private insurance ahead of universal health care.
Bucketing Down: A Principled Bail-In for Lebanon’s Overflowing Debts
How banking regulations can fairly allocate losses and avert future crises.
Fuelling Addiction: How Importers And Politicians Keep Lebanon Hooked On Oil
Eliminating national oil dependence will clear out conflicts of interest.
Force For Funds: Saving Lebanon’s Army From Financial Collapse
Only a modern, neutral and sustainable LAF can survive the economic crisis.
Salvaging Syndicates: How to Defend and Strengthen Lebanon’s Pension Funds
In light of Lebanon’s economic turmoil and pension crisis , how can we safeguard the retirement savings of Lebanese citizens?
Risky Business: How Syndicates Exposed Pensions To Lebanon’s Banking Crisis
The urgent need to salvage and reform worker’s retirement schemes.
A Boycott, Divestment and Sanctions Campaign Against Entities Impeding a Fair Solution to Lebanon’s Financial Crisis
Exploring financial crimes in Lebanon, depositors’ pursuit of justice, the BDS campaign against banking elites, and the challenges of money recovery.
Foreign Legal Pressure Can Corner Lebanon’s Banking Elites
When Lebanon’s financial sector imploded, it was inevitable that the country’s elites would try to shunt those losses onto everyday Lebanese. Over several years, Lebanese bankers had gambled away their customers’ savings, leaving banks unable to meet their debts by October 2019 – if not earlier....
See You In Court: Foreign Legal Pressure Can Corner Lebanon’s Banking Elites
Pathways for Lebanese depositors to force bankers towards a fair deal.