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Thread: Lebanon going bankrupt now

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    Great Value Carrots Dachsie's Avatar
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    Lebanon going bankrupt now



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    ATMs Going Dark, People Left Starving, Banks Restricting Cash Amid Economic Collapse
    714 views
    •Jan 16, 2020

    BULL BOOM - BEAR BUST


    An economic crisis happening now and many people cannot get cash from their banks. Banks are restricting and sometimes eliminating withdrawals from ATMs causing many people to go without food and medication. Could such a financial crisis happen in the United States or are the financial controllers going to keep the economy running smoothly?

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    Moderator madfranks's Avatar
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    Re: Lebanon going bankrupt now

    Banks are restricting and sometimes eliminating withdrawals from ATMs causing many people to go without food and medication. Could such a financial crisis happen in the United States or are the financial controllers going to keep the economy running smoothly?
    If Bernie gets elected, this is more likely. His proposals would require massive monetary inflation to fund, and all the havoc that comes with it.
    "Liberty is so creative, and the government is so stupid, that I’m very optimistic about the future"
    - Lew Rockwell

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    Great Value Carrots Dachsie's Avatar
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    Re: Lebanon going bankrupt now

    One good thing that those of us who have been pointing out the brutality and tyrannical actions of the "socialists" in the USA like Bernie and AOC and the gang that is trashing California to hell

    is that it is no different that Stalin and Mao and the most mass murdering Communist tyrants of the twentieth century.

    Socialism has been made to seem so nice by the like of these brutal mass murderers and they focus on the increasing "rich old white guys" but that is error.

    Yes, the wage/income gap is getting ridiculous but socialism is not the answer. Neither is libertarianism and "free international trade" and so called "free markets."

    Right now I am thinking a big knockdown of the USA from empire status to ordinary, struggling country that minds its own business, would be the best most realistic course of events. I think THEY have total USA economic collapse in store for us no matter what - only question is how and when will they accomplish that goal.

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    Re: Lebanon going bankrupt now

    CNBC: In Lebanon, default is 'virtually certain' after stark credit downgrades
    FEB 24 2020
    Investors holding Lebanese bonds are expecting the worst, as years of financial mismanagement may well push the country to default on its debt for the first time in its history.

    International Monetary Fund officials have been called in to help find a solution to manage Lebanon's overwhelming debt — some 160% of GDP, the highest ratio in the world — amid the worst financial crisis since the Mediterranean country's brutal 1975-90 civil war and months of popular protests.

    Lebanon was hit with a double downgrade over the weekend by two of the world's largest ratings agencies, dragging its sovereign credit rating further into junk territory. Moody's and S&P Global Ratings downgraded Lebanon's long-term foreign currency rating to Ca and CC, respectively — both of which are ten levels below investment grade. The country is now rated lower than Argentina and the Democratic Republic of Congo.

    "As a consequence of severe fiscal, external, and political pressures, we believe a distressed exchange or unilateral default on Lebanon's commercial debt is virtually certain at this point," an analyst report from S&P Global said last week...

    As the deadline looms for Lebanon's $1.2 billion Eurobond, maturing March 9, the bond's price has whipsawed from 90 cents in the dollar in early February to a record low 53 cents last week, with the yield on those eurobonds surpassing 1,000%. The lira, officially pegged to the dollar, has plummeted 40% on the black market as local banks ration dollars necessary for imports of food, medicine and other essential goods...

    Lebanon has suffered for years from low growth, high unemployment and rampant corruption — it's ranked 137 out of 180 countries on Transparency International's 2019 Corruption Perception Index.
    ChanelNewsAsia: Declaring it cannot pay debts, Lebanon sets stage for default
    08 Mar 2020
    BEIRUT: Lebanon announced it cannot meet its debt payments and halted a Mar 9 bond payment of US$1.2 billion on Saturday (Mar 7), 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 said foreign currency reserves had hit a "critical and dangerous" level and were needed to meet basic needs. He called for "fair" negotiations with lenders to restructure the debt...

    Banks began restricting cash withdrawals and transfers abroad four months ago. Diab indicated the controls could soon be standardised, saying a draft law would "regulate the relationship between the banks and their customers, for it to become more fair and just".
    GulfNews: Coronavirus: Lebanon announces two-week lockdown
    March 15, 2020
    Lebanon Sunday urged people to stay at home for two weeks in a bid to stem a novel coronavirus outbreak that has infected at least 99 people and killed three.

    People should not leave home except in circumstances of "extreme necessity" and the international airport will close from Wednesday to March 29, Information Minister Manal Abdel Samad said.

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    Re: Lebanon going bankrupt now

    AlJazeera: Standoff: Lebanon finance minister urges prosecution of banks
    March 17,2020
    Flaunting a government order, Lebanon's banks say they are closing until the end of the month.

    Beirut, Lebanon - Lebanon's finance minister urged prosecutors to take action against the country's banks after they defied a government order to maintain "necessary functions" by announcing that they would close until March 29, citing coronavirus.

    Finance Minister Ghazi Wazni called on prosecutors to "act quickly in light of the Association of Banks [in Lebanon's] hasty decision to close without paying attention to people's interests, even to a minimum standard."

    Lebanon's cabinet announced a state of medical emergency on Sunday, closing all non-essential businesses and ordering a "general mobilization," to support the effort to fight the coronavirus outbreak, which has infected 109 people in Lebanon, killing three.

    But banks, along with supermarkets and pharmacies, were ordered to continue providing basic services to the Lebanese people...

    Confidence in the country's financial sector sank even further after banks closed their doors for two weeks during an unprecedented anti-establishment uprising in October. When they reopened in November, many institutions embarked on a series of what have been increasingly harsh informal capital controls restricting US dollar withdrawals and transfers abroad.

    Informal capital controls, implemented at the discretion of banks without legislation, are legally suspect. But banks argue such restrictions are necessary to prevent a total collapse of the sector as it is left to fend for itself while politicians avoid implementing politically toxic but necessary formal capital controls.

    Prime Minister Hassan Diab recently said the government would move to formalise "the relationship between banks and depositors".

    With anger rising over the ever-changing discretionary measures, Financial Prosecutor Ali Ibrahim froze the assets of 20 Lebanese banks and their chairmen and boards of directors in early March as part of an investigation into informal capital controls.

    But that decision was quickly overruled by Judge Ghassan Oueidat after banks said the measures would force them to close.

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    Re: Lebanon going bankrupt now


    Bloomberg: Lebanon’s Premier Slams Central Bank Chief Over Currency Chaos

    April 24
    The central bank, also known as Banque du Liban, has incurred losses of more than $40 billion, mainly due to the so-called financial engineering operations it began conducting in 2016 and which boosted its reserves. The premier said it had racked up $7 billion in losses this year, including $3 billion in the last three weeks.

    Three companies have been appointed to audit the central bank, Diab said. “The central bank governor should come out and honestly tell people the facts and what’s happening and what are the steps to resolve this and reasons behind it,” he said, warning his government would be firm in dealing with “those who want to tamper with financial stability.”

    Starved of hard currency, Lebanese banks have stopped dispensing dollars to clients entirely after months of setting withdrawal limits. In its latest steps, the central bank instructed lenders to allow withdrawals from foreign-currency accounts in Lebanese pounds only but at a “market rate” determined by banks themselves. The central bank also told money transfer companies that it would buy what they receive in dollars from abroad for pounds. It’s offering them 3,625 pounds per dollar, a huge premium over what remains its own official rate.

    The goal of the central bank is to absorb dollars and channel them into a currency trading platform it wants to start with lenders and licensed exchange bureaus in the coming weeks to help determine a single daily exchange rate, according to people familiar with the matter. By making it harder for businesses and ordinary people to get hold of physical dollars, however, the measures have only accelerated the pound’s depreciation and exacerbated the uncertainty.

    The Lebanese pound was trading at 3,350 on the parallel market on Thursday, with some exchange houses pricing at nearer 3,700, more than 50% weaker than the official peg that is now effectively in place only for importers of essential goods; oil, wheat and medicines.

    Fearing their savings will be wiped out and hit by spiraling inflation, hundreds of Lebanese braved the restrictions imposed to contain the coronavirus outbreak and resumed protests this week -- burning debris in the street and blocking roads with their cars.
    IndependentUK: ‘We are starving’: Hunger and economic collapse drive Lebanon’s protesters back to the streets
    April 28
    With tyres burning bright behind him, a desperate Lebanese protester screams at a scrum of officers trying to clear the road: “I swear to God, we are starving.”

    One of the soldiers, in a surgical mask and military fatigues, shouts back with equal despair: “I’m hungrier than you.”

    The stark scene captured on video during a recent protest in an area north of Beirut hammered home the intensity of the economic collapse that is ravaging Lebanon.

    Across the country, protesters have defied the coronavirus curfew and social distancing measures, to take to the streets and express their fury at the country’s worst financial crisis since the 1975-1990 civil war.

    With households scrabbling to put food on the table – and no obvious way to solve the crisis – looming economic meltdown has sparked fears the country may descend back into a civil conflict.

    On Tuesday, groups firebombed cash machines in Lebanon’s north and angry rallies gathered around the Central Bank in Beirut, as the local currency plunged to a record low of 4,300 lira to the dollar on the black market, now deemed to be the realistic rate. The official exchange rate, meanwhile, remains pegged at 1,500.

    Crowds also chanted against soaring prices caused in part by the collapse of the currency: the cost of staples such as sugar has risen by nearly 70 per cent while vegetables have doubled over the last year.

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    Re: Lebanon going bankrupt now

    This could be a picture of USA situation a few months from now. I'm sure that's the "PLAN" anyway.

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    Re: Lebanon going bankrupt now

    Dachsie, your precious trump is on the side of the banksters:

    https://twitter.com/Ali_Kourani/stat...62453341814784

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    Great Value Carrots Dachsie's Avatar
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    Re: Lebanon going bankrupt now

    "your orecious Trump"

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    Re: Lebanon going bankrupt now

    Quote Originally Posted by Dachsie View Post
    "your orecious Trump"
    Aren't you on the side of more wars for Netanyahu and the banksters. Or is that only EE.

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