A government plan for tackling Lebanon's financial crisis projects a 93% devaluation of the Lebanese pound and converts the bulk of hard currency deposits in the banking system to local currency, according to a blueprint seen by Reuters.
Of $104 billion of hard currency deposits, the plan foresees returning just $25 billion to savers in US dollars, with most of what's left converted to pounds at several exchange rates, including one that would wipe 75% off some deposits.
