The speaker’s comments were published as protesters gathered near parliament in downtown Beirut to demonstrate against a vote of confidence in Diab’s new government. “After becoming the Switzerland of the Middle East, we don’t want to become the Venezuela of the Middle East,” he said. A new circular from the central bank set an interest rate cap of 4% on dollar bank deposits and a cap of 7.5% on Lebanese pound deposits, according to several Lebanese news outlets. Banks could no longer deal with depositors in a way that was “illegal and unclear”, he said. Sign up now and access the full breadth of The Daily Star content in minutes. The financial crisis, worse than any Lebanon endured in its 1975-90 civil war, erupted last year as slowing capital inflows led to a liquidity crunch and protests erupted against the ruling elite. The speaker made it clear, though, that Lebanon wouldn’t seek an IMF package as happened in Argentina in 2018 because the Lebanese public couldn’t accept the conditions that the fund would likely impose. Tree-planting rush overlooks climate benefits from natural forest recovery. On Wednesday, Lebanon formally requested the International Monetary Fund’s technical help in tackling its unprecedented financial and economic crisis. Others, including Prime Minister Hassan Diab, argue that the country should pay and preserve its reputation in the international market. Welcome to The Daily Star, your leading source of Lebanese and regional news. Sep. 11, 2020, Beirut Port fire
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Big promises, but can China be carbon neutral by 2060? (The Daily Star/Mohamad Azakir). Jacob Boswall, Al Arabiya English Tuesday 17 March 2020 Text size A A A Just over a week ago, Lebanon announced it would default on $1.2 billion of Eurobonds. Only one abstained from voting. Some think the government should engage with bondholders to restructure its debt and save what’s left of its reserves to support imports of essential goods. 'Don't touch the marble': Taj Mahal reopens during pandemic, Egypt discovers 14 ancient tombs at Saqqara, Egyptian orchestra for visually-impaired women resumes concerts amid coronavirus, Verdi's 'Masked Ball' in Madrid cancelled after jeers over distancing, Hopkins explores dementia horror in ‘The Father’, Theaters struggle to pen future after the blast, End of the runway? BEIRUT (Reuters) - Lebanon is studying options for dealing with its forthcoming Eurobond maturities, including whether to pay the debt, the finance minister said on Thursday after meeting with the president and central bank governor. Protesters began gathering in the capital in the early morning and local reports said some lawmakers spent the night in their offices to guarantee their arrival and secure a quorum.
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The demonstrators are demanding the complete removal of the country’s elite from office and an end to corruption.
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