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

Lebanon’s Savers to Bear Burden under New Rescue Plan

A man counts Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon, January 5, 2022. (Reuters)

Two years into an economic meltdown the World Bank says is one of the worst recorded, Lebanon's rulers have proposed a way to plug a huge hole in the financial system they were blamed for making: savers will foot most of the bill, not banks or the state.

The plan, seen by Reuters, seeks to revive the moribund banking system by making depositors cover more than half the $69 billion gap, which is three times the size of Lebanon's economy.

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