Lebanon and its Central Bank have gone bankrupt, according to the country’s Deputy Prime Minister Saadeh al-Shami.
In a televised interview, al-Shami said: “The state has gone bankrupt as did the Banque du Liban, and the loss has occurred, and we will seek to reduce losses for the people.”
Media reports, citing al-Shami, said the losses will be distributed among the state, the Banque du Liban, banks and depositors.
“There is no conflict of views about the distribution of losses,” he reportedly said.
Lebanon has been grappling with an unprecedented economic that the World Bank says is usually of scale associated with full-scale wars. The country’s currency has lost 90 percent of its value, making it difficult for people to access basic necessities.
Power shortage is rampant because the country has not been able to afford consistent fuel imports.
