by dw.com -- Lebanon has been known as "the Switzerland of the Middle East" for decades because of its strict banking secrecy laws. But as the country falls ever deeper into economic crisis and debt, the banks that once drew so much foreign capital to the country are also in trouble. Local economists estimate that altogether, Lebanese banks owe over $90 billion (€77 billion), and say that since late 2019, they have severely restricted withdrawals and foreign transfers, especially in US dollars. There have been many stories about the financial damage done to ordinary Lebanese by these moves as their currency goes into free fall. The Lebanese pound has lost over 85% of its value against the US dollar on the black market. But could potentially insolvent Lebanese banks also spark a dangerous, regional domino effect, causing the same sort of problems for the Middle East as an indebted Greece did for the European Union during the 2008 financial crisis? Billions lost

Late last year, Syrian dictator Bashar Assad blamed his country's ongoing economic woes on the fact that anywhere between $20 billion and $42 billion belonging to Syrian depositors was trapped in Lebanon. Syrian businesspeople have long used Lebanese banks to avoid international sanctions and other restrictions. Earlier in 2020, research by a Yemeni think tank, the Sanaa Center For Strategic Studies, suggested that as much as 20% of Yemen's foreign currency reserves, estimated at around $240 million, were stuck in Lebanese banks. And in the semi-autonomous northern Iraqi region of Kurdistan, politicians claimed that up to $1 billion of money from oil sales was trapped with Lebanon's Bankmed. Lebanese men withdraw money from a Bankmed ATM in the capital, Beirut

By Hanin Ghaddar -- english.alarabiya.net -- Put simply, Lebanon is an Iranian colony. As protest slogans indicate, the Lebanese people are finally aware of this reality. The presence and ineffective statements of the former pro-West March 14 political parties means the international community needs clarity about who really controls the country. Only then can policy be drawn accordingly. For the latest headlines, follow our Google News channel online or via the app. The March 14 leaders always justify their inactions by using the fear factor – that if they resign, Hezbollah will take over the state institutions, and they want to make sure they can protect what small margin of independence they have left in Lebanon. Another argument is that they want to prevent the chaos that will happen if state institutions fall completely.

This logic is outdated. Chaos has arrived, and the state – as in the decision of war, government formation, or economy – is in the hands of the Iranian regime and its proxy. The Beirut Port blast and the assassination of Lokman Slim are two examples of how inadequate the state institutions’ roles have become. Without clarity, the international community will continue to try to find an economic solution, to handle Lebanon as a humanitarian crisis. This is dangerous because it hides the real problem, which is political, not financial. If former March 14 leaders get their parliamentary blocs and ministers to resign, the political core of the crisis will be exposed. This could lead to a new and more urgent policy for Lebanon – one that addresses Iran’s hegemony and how to counter it, instead of focusing on humanitarian assistance. A meeting between Lebanese President Michel Aoun and PM-designate Saad Hariri last week ended poorly. Failing to reach a much anticipated breakthrough for the formation of a government the theatrical exchange of accusations was a clear indicator that any new government in Lebanon is some way off.

by arabnews.com -- LONDON: A popular Lebanese TV show has come under fire for another incident of offensive behavior. “Indian, I’m not sure — but British-Indian…” the latest guest on the consistently criticized MTV Lebanon show “3a Gheir Kawkab” (On Another Planet) explained, before shaking her head — mocking the traditional Indian nod — and in a stereotypical Indian accent, said: “Madame you’re very beautiful.” The show’s presenter — Pierre Rabbat — and other hosts broke into laughter as the paid crowd roared in applause. By contrast, social media exploded with anger at the blatant racist mockery the variety show was presenting. “The group from ‘3a Gheir Kawkab’ have made the program out of this planet to utter all kinds of pettiness, absurdity, humiliation, disgust, and whatever you want,” said Twitter user Leila Ghotaimi.

Brigitte K. Mountain tweeted: “Morons! And such a grotesque disconnect from what’s happening in the country.” This is now the state of Lebanese television — once a media pioneer of the region that attracted talent from all over — but now a symbol of the country’s dwindling standards. Lebanon has been facing multiple crises since the start of last year. It has endured national demonstrations protesting flagrant corruption and collapsing standards of living, alongside a political standstill that sees its politicians bickering among one another while the Lebanese pound continues to freefall.

By CALINE MALEK -- arabnews.com -- DUBAI: One Lebanese man has worked day and night since the devastating Beirut blast of Aug. 4 last year to ensure his lifetime’s work is salvaged from the rubble. In less than six months, Robert Paoli became the first trader to reopen a warehouse in the Port of Beirut Logistic Free Zone following the disaster. “I’ve worked in the freight-forwarding business all my life,” the 57-year-old told Arab News. “I always believed in Lebanon from the beginning, and I worked very hard to create my units in the free zone here.” Beirut’s strategic location on the Eastern Mediterranean coastline made the port a thriving economic asset. But all that changed one Tuesday afternoon when a nearby warehouse containing nearly 3,000 tons of highly volatile ammonium nitrate caught fire. The resulting two explosions sent an enormous shockwave through the port and surrounding districts — taking Paoli’s warehouses with it.

Paoli had spent upward of $1.5 million and poured years of hard work into his new warehouse, which had been due to open for business in just a matter of weeks. All types of goods were already stored there, from electrical appliances and tires to chemical agents. Recalling that horrific day, Paoli said he was lucky to have left his office early, a decision necessitated by COVID-19 restrictions in place at the Logistic Free Zone. As he joined his son for a game of tennis at his club 20 minutes out of town, Paoli received an alarming phone call from a friend about a fire at the port. “Having three units there and a new warehouse in the Karantina area very close to the port, I was anxious” Paoli said. “My other friend who lived across the port couldn’t see anything. But five minutes later, I heard the explosion.” The blast was heard as far away as in Cyprus, at a distance of more than 200 kilometers. About 210 people were killed and 7,500 injured as the shockwave flattened nearby buildings and overturned vehicles. Robert Paoli has spent millions rebuilding devastated warehouse units after the Beirut explosion on August 4, 2020. (Supplied) “I thought a bomb had hit my club,” Paoli said. “We were far away, but it floored us and the windows broke.”