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Lebanon’s financial meltdown – Modern Diplomacy


The Lebanese pound has depreciated about 90% in the past 18 months, driving annual food inflation to 400%, erasing salaries and savings, and pushing more than half the nation into poverty. All this comes at a time when the country is battling the devastation wrought by COVID-19, as well as the ravages from the 2020 Beirut blast.


The economic crisis in Lebanon is closely linked to the paradigm of financialization adopted by the ruling elite. This paradigm has converted the country into a “bankers’ republic”. The country that was once known as “the Switzerland of the Middle East” based…

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