by thearabweekly.com -- PARIS – Pressure is building up on Lebanon’s political class to end their ongoing dispute over the formation of a new government that is critical to transforming the country and launching long-stalled reforms. French Foreign Minister Jean-Yves Le Drian said Friday his country and the United States have agreed to act together to put pressure on Lebanese officials responsible for the political and economic calamity gripping the country. “We have decided to act together to put pressure on those responsible. We know who they are,” Le Drian told a news conference with US counterpart Antony Blinken in Paris. “We need to see real leadership in Beirut,” Blinken added. A fight among Lebanese leaders to secure power is at the heart of the government turmoil, with the feud threatening to drag the country into a total financial crash.

Lebanon’s economic meltdown, triggered by decades of corruption and mismanagement, began in late 2019 and has intensified in recent months. The World Bank said earlier this month the crisis is likely to rank as one of the worst the world has seen in more than 150 years, adding that the economy contracted 20.3% in 2020 and is expected to shrink a further 9.5% this year. Lebanon defaulted on paying back its debt for the first time in March, while talks with the International Monetary Fund on a bailout package stopped last year. The crisis has been the biggest threat to Lebanon’s stability since the 1975-90 civil war ended. A power struggle has emerged between premier-designate Saad Hariri on one side and the president Michel Aoun and his son-in-law Gebran Bassil, who heads the largest bloc in parliament, on the other. It has worsened the crisis despite warnings from world leaders and economic experts of the dire economic conditions tiny Lebanon is facing. Hariri was named to form a new government in October and has not succeeded so far.

في مثل هذا اليوم ٢٥ حزيران عام ٢٠٢٠  في لقاء الحوار الذي دعا اليه رئيس الجمهورية لمعالجة الاوضاع في لبنان توجهتالى الحضور قائلاً انه منذ ٨ سنوات وفي القاعة المجاور توافقنا على انقاذ لبنان.
وقتذاك، كنت اتطلع الى تحييد لبنان عن صراعات المحاور ما عدا ما يتعلق ...بالقضيةالفلسطينيةوالاجماع العربي… كمدخلأساسي لاكمال تطبيق اتفاق الطائف وتشكيل الهيئة الوطنية لالغاء الطائفية السياسية، وبالتالي نقل البلاد الى مفهوم الدولةالمدنية حيث لا تخشى فيه أي طائفة من هيمنة طائفة أخرى على الاكثرية النيابية، لجرّ لبنان الى أي من المحاور وطمس هويتهالتعددية"

By The New Arab -- Frozen deposits in Lebanese banks could have drastic ramifications across the region, as calls mount from foreign governments, businesses, and individuals for the return of withheld funds as Lebanon experiences an unprecedented economic collapse. An official Yemeni banking delegation is currently visiting Lebanon to discuss the suspended funds, which are having a devastating effect on Yemen's banks, on top of the war which has ravaged the country for nearly six years. The Yemeni delegation met with the Governor of the Central Bank of Lebanon, Riad Salameh, to discuss the return of around $200m, according to Yemeni sources in the banking sector. Throughout the war, Yemen's banking sector has relied on Lebanon's banks which have provided access to regional and international finance and enabled Yemen to conduct private banking transactions over imports and other business deals.

Al-Araby Al-Jadeed, The New Arab's sister publication, spoke to one of the Yemeni delegates who said that the discussions had given some grounds for optimism. "We were promised that withheld balances will be released and special obligations to Yemeni banks will be paid, protecting the deep and longstanding relationship between the Yemeni and Lebanese banking sectors," they said. Another official from the Central Bank of Yemen stressed that the withheld funds are damaging financial markets For almost two years, Lebanon has been facing the worst economic crisis in its modern history. The value of its national currency has collapsed and tight restrictions have been placed on financial transactions which prohibit bank transfers to foreign accounts. Since 18 October 2019, Lebanese banks have frozen accounts with dollar deposits, and have limited withdrawals from accounts containing Lebanese pounds. Local economists say that banks owe more than $90bn. It is not only Yemen’s banks that are affected. Although exact numbers are unavailable, many Yemeni citizens have Lebanese bank accounts.

كما يقول ميشال شيحا «إذا كانت كل طائفة تعيش والميزان في يدها، تضع وزيراً قبالة وزير، وحاجباً قبالة حاجب، فتسوق لبنان إلى …