State, central bank have gone bankrupt, says Lebanese deputy PM

SULAIMANI (ESTA) — Lebanon‘s deputy prime minister said on Monday the country and its central bank have gone bankrupt.

“The state has gone bankrupt as did the Banque du Liban, and the loss has occurred, and we will seek to reduce losses for the people,” Deputy Prime Minister Saadeh al-Shami told the local Al-Jadeed channel.

He said the losses will be distributed among the state, the Banque du Liban, banks and depositors, according to Anatolu agency.

“There is no conflict of views about the distribution of losses,” he added.

Lebanon is grappling with an unprecedented financial crisis that the World Bank says is of a scale usually associated with war.

Beirut’s crisis, driven by years of endemic corruption, has seen Lebanon’s currency lose more than 90 percent of its value against the dollar.

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