“Panic Mode” Run On Lebanon’s Banks Feared After 7-Day Closure Amid Protests
Banks across Lebanon have been shuttered now for a seventh consecutive day, with the country’s banking association saying banks would remain closed Friday over “safety concerns” as massive anti-corruption protests have brought multiple cities to a standstill, which began a week ago.
Reuters reports that banking operations have been “limited to paying out customer and employee salaries via ATMs” in a situation which has also hit war-torn Syria, given many Syrians rely on the neighboring Lebanese banking system to hold dollars and savings following the collapse of Syria’s currency.
For the first time addressing the protests — dubbed the ‘WhatsApp Revolution’ because it was initially triggered by a government a plan to boost state revenues with a daily tax rate on calls made via voice over internet protocol (VoIP), utilized by applications such as Facebook-owned WhatsApp — Lebanon’s President Michel Aoun in a public speech touted an economic reform package proposed by the prime minister as a “first step” toward staving off economic collapse.
Aoun acknowledged state corruption has “eaten us to the bone” and assured the crowds, “I am ready to meet your representatives who carry your concerns, to listen to your specific demands.”
He also hinted at a government reshuffle potentially in the works, saying that there was “a need to review the current government.”
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