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Lebanon Debate
Lebanon Warns of Slow Deposit Recovery
The article points out that Lebanon is facing a severe economic crisis caused by the political authorities and the banking system, with protests and economic suffering continuing for over seven years. The head of the Deposit Holders Association warned that the situation will worsen further if things remain unchanged, expecting that deposits will be gradually and slowly repaid. He noted that depositors have borne the greatest losses over the past period without the government, Banque du Liban, or the banks incurring any losses. He also confirmed that around $35 billion of the deposits are illegal, describing them as "stolen money," and stated that officials have closed their accounts to prevent their exposure. He explained that more than 39,000 depositors have died since 2019 as a result of the crisis, and that current solutions are insufficient, justifying that the funds are currently unavailable and that retrieval will be very slow and uneven. He warned that the country is on the brink of economic and social collapse, and that current financial measures are tied to regional circumstances and are at risk of failure amidst wars and the closure of water passages in the region.
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