By NADIM SHEHADI — arabnews.com — Two parallel narratives about Lebanon prevail: One is about the country being a failed state and the other is about a state that has been battered until it failed. According to the first narrative, Lebanon is an artificial country created by colonial powers; it never became a proper sovereign nation, while its people are divided and have no sense of patriotism or nationalism and only care for narrow family and sectarian interests at the expense of the country as a whole. It also states that Lebanon is a failed state ruled by a corrupt sectarian elite, a kleptocratic oligarchy of former warlords and feudal families whose allegiances are to foreign powers and who have perpetuated their rule through clientelism and gerrymandered elections. The country was bankrupted by a Ponzi scheme run by an alliance of mafia-style bankers and militia leaders. This point of view maintains that Lebanon was never a viable project and its history is one of continuous conflict and external intervention, with a few cease-fires in between. Furthermore, there is no real productive and self-sufficient economy; it is a rentier economy consisting mainly of services that are totally dependent on volatile external relations, and it is thus not sustainable. Hence, Lebanon should invest in industry and agriculture, as well as modern information technology and innovation.

According to this narrative, last year’s Beirut blast was the result of corruption and negligence and the lack of movement on reforms and a recovery plan since the financial collapse of October 2019. It was caused by the selfishness and carelessness of the ruling class. The whole political establishment is thus rotten to the core and must resign en masse (“all means all”) and political parties should be abolished and replaced by competent technocrats with extraordinary powers to enact reforms and implement the policies needed to get Lebanon out of this crisis. Meanwhile, the battered state narrative declares that the country has been subjected to a systematic and coordinated “battering” since September 2004, when UN Security Council resolution 1559 challenged the Syrian presence and the arms of Hezbollah. Lebanon gradually became held hostage by Hezbollah, which effectively replaced Syria, and the ransom paid every year to keep the hostage alive has bankrupted the country.

by english.aawsat.com — Lebanese former Prime Ministers Najib Mikati, Fouad Siniora and Tammam Salam deplored President Michel Aoun’s behavior towards Prime Minister-designate Saad Hariri, accusing him of “distorting the constitution”. They instead underlined the need to form a government that enjoys the confidence of the Lebanese people. In a statement following a meeting held in […]

by arabnews.com — NAJIA HOUSSARI — BEIRUT: Women took to the streets on Saturday afternoon on the eve of Mother’s Day, despite warnings from doctors about the risk of the coronavirus spreading. Mothers’ anger at the current situation, which has prompted a generation of young people to migrate, pushed dozens to protest. A group of mothers gathered in the Bechara Al Khoury area in Beirut and went to downtown Beirut and to the port, site of the port blast seven months ago. They wore face masks and waved Lebanese flags and banners. The mothers cried and shouted slogans, demanding that the politicians leave.

The protests took place as dozens of flowerpots, wrapped in glossy colorful paper, were spread out in front of flower shops in Beirut and its suburbs on Saturday. Among their leaves were signs showing their price of 40,000 Lebanese pounds ($26). The front of bakeries and patisserie shops were filled with cakes, whose prices ranged from 50,000-150,000 Lebanese pounds. Mother’s Day on Sunday in Lebanon coincides with the beginning of spring. The Lebanese traditionally spend lavishly on gifts for their mothers or wives. But celebrating the occasion this year is different. Compared to the situation in previous years, there are hardly any customers in the clothing and perfume stores in the main shopping centers.

The prices, as Mrs. Samar said, “are extremely high for those who get their salary in Lebanese pounds. They can barely buy food and baby milk, if they can find them at all, so how can I buy a jacket for my mother whose price is twice my salary? Or how can buy her a bottle of perfume whose price is more than 1.5 million Lebanese pounds?” The dollar continued its decline on Saturday, trading at between 10,100-11,000 Lebanese pounds. The country is waiting for the outcome of the meeting betwen President Michel Aoun and Prime Minister-designate Saad Hariri on Monday, but expectations are not high. After meeting President Michel Aoun on Saturday, Lebanese Progressive Socialist Party Leader Walid Jumblatt, said: “We have reached absolute stalemate amid the economic collapse. Hunger is knocking on people’s doors, and reconciliation has become necessary. God bears witness that I have told people (the reality of the situation).” Legal money changers are also cautious. Bilal Ghandour, an owner of a jewelry store in Beirut, said: “On Saturday, money changers refrained from selling dollars. They only bought dollars, fearing that the exchange rate of the dollar would rise on Monday after the meeting at the Republican Palace.” Ghandour described sales in his shop as “very light.” He said: “The price of a gram of 18-carat gold is $42, which means 462,000 Lebanese pounds, as per the exchange rate on Saturday, and a small piece of gold must be more than five grams. The situation is very difficult.” “Those who have dollars can buy, but they only buy pieces whose prices do not exceed $200-$300.”

By CORNELIA MEYER — Arabnews.com — LONDON: Over the past two weeks the Lebanese pound has lost more than 20 percent of its value against the dollar on the black market. Since October 2019 the exchange rate has plummeted by 90 percent, affecting everyone in the country. These numbers are stark. On March 16 three money changers told the AFP news agency they were buying dollars for 14,800 to 14,900 Lebanese pounds. The currency is pegged to the dollar and the official rate is set at 1,507.5 pounds to one dollar. However, dollars are generally unavailable at the official rate because of the economic crisis, which is why black-market rates apply. In 2020, Lebanon was the fourth most-indebted country in the world behind Japan, Greece and Eritrea. In March last year, the country defaulted on its international debt for the first time in its history. Since then, there have been no economic reforms and no payment plans agreed.

The situation is exacerbated by the banking crisis and the effects of the pandemic. The nation’s banks face bankruptcy, having lent up to 70 percent of their assets to an insolvent state and central bank. The country has lost its creditworthiness and is resorting to printing more, increasingly worthless, money which is further fueling inflation. The depreciation of the pound resulted in staggering inflation of 84 percent in 2020. To make matters worse, food inflation stood at 402 percent. Meanwhile Lebanon’s gross domestic product contracted by 25 percent last year. The World Bank estimates that 50 percent of Lebanon’s population has slipped below the poverty line, which is mind-boggling in a country that 60 years ago was known as the “Switzerland of the Middle East.” The economic situation is worse now than it was during the civil war in the 1970s and 1980s. What we see in Lebanon is a classic vicious circle: the worse the economy gets, the more the currency depreciates and vice versa. The numbers reflect a defunct economy.

By NAJIA HOUSSARI — arabnews.com — BEIRUT: Hezbollah has walked away from a previous agreement to form a Lebanese government of nonpolitical specialists, claiming that any leadership not backed by political forces “will go down in a week or two.” The militant party’s change of tack has shattered hopes that an 18th meeting between President Michel Aoun and Prime Minister-designate Saad Hariri scheduled for next Monday would end the long-running stalemate over the formation of the government. Hezbollah leader Hassan Nasrallah’s comments, made in a televised address on Thursday, also undermine French efforts launched by President Emmanuel Macron to form a government free of political forces in order to gain the confidence of the international community and help Lebanon recover from its crippling economic and health crisis. Mustafa Alloush, a leading figure in Hariri’s Future Movement, said: “There is a chance to agree on the formation of the government on Monday, but Hariri has no intention of bringing back a political government because it will inevitably fail, based on previous experience.”

Aoun remained firm in his demands for a government of 20 ministers with the blocking third, while Hariri seeks a government of 18 specialists. The disagreement between the two escalated on Wednesday after an exchange of statements, with Aoun calling on Hariri to step down if is unable to form a government. Hariri responded by asking Aoun to set a date for early presidential elections. Hopes that Monday’s meeting could end the political impasse lifted the Lebanese pound to 11,500 against the US dollar after it had earlier exceeded 15,000 on the black market. However, the currency lost value again on Friday after Nasrallah’s address. In his speech, the Hezbollah chief criticized the International Monetary Fund, on which Lebanon relies for assistance, and attacked calls for Lebanon’s neutrality, saying that these were part of efforts to include the country in the “US-Israeli axis in the region.” Nasrallah also targeted the policies of Lebanese central bank Gov. Riad Salameh, warning him of the need to improve the dollar exchange rate.

The Daily Star — BEIRUT: The Lebanese pound rose on the black market Thursday, trading at LL11,950 against the dollar, on reports the country’s top two leaders would meet soon in a bid to revive efforts to form a new government. Exchange dealers were selling the dollar for LL12,000 and buying it for LL11,900, compared […]

BEIRUT (AP) — Lebanon’s prime minister-designate said Thursday that a government that could restart talks with the International Monetary Fund was the only way to halt the country’s rapid economic collapse, adding there was still opportunity to form such a Cabinet. Saad Hariri spoke a day after trading barbs with President Michel Aoun over who […]

by Naharnet — Lebanese stood in queues in their vehicles on Wednesday as the country witnessed a gradual increase in gasoline prices, one of Lebanon’s multiple plights bringing the country to its knees amid total political failure to address an almost two-year crisis. Frustrated Lebanese queued at petrol stations across the country and lines of […]

BEIRUT (AP) Sarah el Deeb  — Lebanon’s president called Wednesday on the prime minister-designate to form a government immediately or step aside as the country plunges deeper into economic crisis. In turn, Prime Minister-designate Saad Hariri swiftly challenged President Michel Aoun to step down — a sign of a prolonged political crisis. The intractable political battle comes against the backdrop of an economic crash that is proving to be the most serious challenge to the small country’s stability since its 15-year civil war ended in 1990. In a televised statement Wednesday, Aoun said that Cabinet lists proposed by Hariri, who was named to the post of premier last October, did not meet the minimum requirements needed to preserve national accord.

Aoun urged Hariri to meet him at the presidential palace and work together on forming a government or step aside if they cannot agree. The call seems an attempt to deflect blame for months-long political battle in which both sides have traded accusations of obstruction. In response, Hariri tweeted that he was surprised by the president’s televised invitation and instead urged Aoun to approve Hariri’s last list, which he described as consisting of experts and not political nominees. Hariri also called on Aoun to spare the Lebanese more suffering by allowing early presidential elections, and challenging him to spell out why he has so far declined all Cabinets proposed by the premier-designate.

By Najia Houssari — arabnews ––  The dollar exchange rate in the Lebanese black market has lost its ceiling, as the pound jumped on Tuesday from 13,000 to 15,000 against the US dollar. Angry protestors took to the streets and forced owners of grocery stores to close, while others voluntarily decided to close and announced that “they will remain closed until further notice and until all this dollar madness stops.” Bakery owners threatened to stop making bread, gas station owners threatened to stop selling. Turmoil prevailed on Tuesday, where protesters closed roads in Beirut. The impasses reached Bliss Street across the American University of Beirut and the upscale Koraytem neighborhood. Protestors burned tires near the Banque Du Liban and other banks and broke the facades of grocery stores. Roads linking main regions in Lebanon were blocked, including those in the southern city of Naqoura. In Tripoli, protestors headed to politicians’ houses and smashed their security cameras.

Working mothers also took to the streets, along with their children, and protested outside the Serail government building in Nabatiyeh, south Lebanon. Ilda Mazraani said: “We are women working both in the private and public sectors. Our salaries have collapsed, and our concerns have increased.” She urged politicians to “act fast to address this deterioration and save the country and the future of our children.” A copy of a document issued by the Lebanese General Security circulated on social media about “the possibility of an escalation in the streets that can reach armed operations targeting the houses of politicians.” The document added: “Information indicates that chaos, subversion, and the use of arms in the streets will prevail, as well as looting and scores’ settling under the pretext of the dramatic increase of the dollar exchange rate and the rising cost of living in implementation of political agendas, which can all break out at any moment now.”