Lebanon’s financial meltdown has swiftly worsened in the last month, with much of the country crippled by fuel shortages that have ignited country-wide security incidents.
The economic meltdown
Over two years, around 78 per cent of the Lebanese population has fallen into poverty. The World Bank says it is one of the sharpest depressions of modern times.
Early in the crisis, Lebanon defaulted on its massive pile of public debt, including $31 billion of Eurobonds that remain outstanding to creditors.
The currency has fallen by more than 90 per cent, demolishing purchasing power in a country dependent on imports. The banking system is paralysed.
The fuel shortages have led to confrontations at petrol stations, where motorists have to wait for hours and weapons have been drawn in melees over fuel. Fuel tankers have been hijacked.
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