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2021-06-02 Syria-Lebanon-Iran
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Lebanon's economic crisis among world's worst in more than 150 years: World Bank
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[EN.ALGHADEERTV.NET] The World Bank says Leb
 ...an Iranian colony situated on the eastern Mediterranean, conveniently adjacent to Israel. Formerly inhabited by hardy Phoenecian traders, its official language is now Arabic, with the usual unpleasant side effects. The Leb civil war, between 1975 and 1990, lasted a little over 145 years and produced 120,000 fatalities. The average length of a ceasefire was measured in seconds. The Lebs maintain a precarious sectarian balance among Shiites, Sunnis, and about a dozeen flavors of Christians. It is the home of Hezbollah, which periodically starts a war with the Zionist Entity, gets Beirut pounded to rubble, and then declares victory and has a parade. The Lebs have the curious habit of periodically murdering their heads of state or prime ministers, a practice dating back to the heady human sacrifice days of Baal Moloch...
’s economic collapse is likely to rank among the world’s worst financial crises since the mid-19th century.
According to a report published by the World Bank on Tuesday, the economic and financial crisis in Lebanon is likely to be among the top 10 or possibly the top three most severe crises the world has seen in more than 150 years.
The report said Lebanon’s economy contracted by 6.7 percent in 2019 and 20.3 percent in 2020, and predicted that it would shrink by nearly 10 percent in 2021, stressing that there is "no clear turning point on the horizon."
The World Bank said such brutal economic collapses are blamed on mismanagement by the political elite, and that "policy responses by Lebanon’s leadership to these challenges have been highly inadequate."
The monetary institution warned in its report of "potential triggers to social unrest" in Lebanon as the country is grappling with political and economic crises.
"The sharp deterioration in basic services would have long-term implications: mass migration, loss of learning, poor health outcomes, lack of adequate safety nets, among others," the report added.
The increasingly dire economic satiation over the past 18 months in the Arab country is widely blamed on corruption, the US sanctions, the coronavirus (aka COVID19 or Chinese Plague)
...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
pandemic, and a devastating explosion at Beirut port that left more than 200 people dead
Lebanon has been without a government since last August.
Lebanon’s economy has been in a free-fall state since former Prime Minister Saad Hariri
...Second son of Rafik Hariri, the Leb PM who was assassinated in 2005. He has was prime minister in his own right from 2009 through early 2011. He was born in Riyadh to an Iraqi mother and graduated from Georgetown University. He managed his father's business interests in Riyadh until his father's assassination. When his father died he inherited a fortune of some $4.1 billion, which won't do him much good if Hizbullah has him bumped off, too....
announced his resignation and that of his cabinet in October 2019.
The Lebanese pound has continued to plummet against the US dollar, losing 90 percent of its value in just two years while sources of foreign currency have dried up.
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Posted by Fred 2021-06-02 00:00||
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