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Asharq Al-Awsat
Asharq Al-Awsat
World
Asharq Al-Awsat

Lebanon’s Financial Crisis and How it Happened

A man walks along an empty shopping district in Beirut, Lebanon March 17, 2021. (Reuters)

Lebanon is grappling with a deep economic crisis after successive governments piled up debt following the 1975-1990 civil war with little to show for their spending binge.

Banks, central to the service-oriented economy, are paralyzed. Savers have been locked out of dollar accounts or told that funds they can access are now worth a fraction of their original value. The currency has crashed, driving a swathe of the population into poverty.

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