Lebanon’s once burgeoning banking sector has been hard hit by the country’s historic economic meltdown. It has suffered staggering losses worth tens of billions of dollars and many of the small nation’s lenders now face possible closures or mergers.
Yet bankers have been resisting attempts to make their shareholders assume responsibility for those losses and instead have been trying to shift the burden to the government or even their own depositors. The country’s political class, blamed for decades of corruption and mismanagement that led to the meltdown, has also resisted reforms, The Associated Press reported.
