Lebanon is on the edge of economic collapse if no solution is found to resolve the massive protests that have paralyzed the country said the Central Bank Governor, Riad Salame in an interview for CNN.
“It’s a matter of days, because the cost is heavy on the country,” Governator of Central Bank of Lebanon said.
Lebanon banks have been closed for 12 days due to fears that people might rush to withdraw their money. Also, authorities have banned large sums of physical dollars to be taken out of the country.
In an attempt to find a solution the Lebanese prime minister Saad Hariri has resigned today claiming that this move will give a positive shock and serve to the country’s dignity and safety.
Protests in Lebanon are the largest in the last 15 years amid a worsening economical situation. Is unclear the effect will have the prime minister quitting his office today, but in almost 2 weeks of protest the authorities have shown how the will to use the monetary power to suppress the protests by banning people to access their money in bank accounts and putting limits to cash going out of the country.
Lebanon is one of the most indebted countries in the world adding to that the worsening economic situation with a large deficit and inability to pay for imports the country seems on the verge of an economic collapse.
The problem is that bankers will save themselves al always and those to pay the price will be as always the people.
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