thearabweekly.com -- Lebanon’s economy is on the verge of collapse and everyone — Lebanese locals, expatriates, bankers, economists, politicians and even donors who have yet to come through with their pledges because they are waiting on economic reforms — knows it. The banking sector’s steady decline is devastating because it was once one of the few reliable parts of Lebanon’s economy. Lebanon’s industrial and agricultural sectors, despite their high-quality products, have been unable to penetrate foreign markets but the country’s banking and services sectors often flourished, beginning in the 1950s and 1960s when Beirut was a haven for Arab oil money and foreign depositors. In times of stability, tourism in Lebanon also became a vibrant sector. The Lebanese economy has faced problems because it relies too heavily on consumer-based structures. This aggravated the current crisis in which many Lebanese are unable to access money from their bank accounts because of capital restrictions.

The capital limits, imposed by banks that fear depositors will withdraw money all at once and cause a liquidity crisis, pushed people to desperate measures to try to withdraw money from their accounts. Some have crushed ATMs and bank facades; others took sleeping mattresses into bank lobbies and there were those who have taken to occupying tellers’ desks. One depositor withdrew 6 million Lebanese pounds — more than $10,000 — in cash after he parked a bulldozer in front of the bank entrance and threatened to demolish the building if his request was not met. The chaotic scene is broadcast live on social media, further eroding confidence in the banking system. Melhem Khalaf, president of the Beirut Bar Association, slammed the capital control measures imposed by the Lebanese Banks Association as “unconstitutional and illegal.” “This is a process that should be undertaken by the legislative authority,” he said in a statement. Some depositors have turned to the Lebanese judiciary with complaints and numerous courts have ruled in favour of depositors Lebanese families dependent on expatriates working abroad and transferring money home to them are also growing concerned. It is estimated that almost 500,000 Lebanese are working in the Arab Gulf region, many regularly sending money to loved ones in Lebanon. If Lebanon’s cash and banking transfer system crashes, that source of income would be lost for many Lebanese households.

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by newsmax.com -- Protesters piled pressure on Iran's leadership on Sunday with demands for top authorities to quit after the Iranian military admitted it had mistakenly shot down a Ukrainian airliner at a time when it had feared U.S. strikes. "They are lying that our enemy is America, our enemy is right here," dozens of protesters outside a university in Tehran chanted, according to video clips posted on Twitter. Scores of demonstrators were also shown gathered in other cities. President Donald Trump sent out a tweet in Farsi expressing support for the protesters. "To the brave, suffering Iranian people: I have stood with you since the beginning of my Presidency, and my Administration will continue to stand with you. We are following your protests closely, and are inspired by your courage," read an English version of the tweet. Posts showed other demonstrators outside a second university and a group of protesters marching to Tehran's Azadi (Freedom) Square. The videos also showed protests in other cities. Some state-affiliated media carried reports of the university protests, after Saturday's demonstrations sparked by Iran's announcement that its military had mistakenly brought down the Ukrainian plane on Wednesday, killing all 176 aboard.

Tehran residents told Reuters police were out in force in the capital on Sunday. Public anger boiled up following days of denials by the military that it was to blame, issued even as Canada and the United States said a missile had brought the plane down. Riot police fired teargas on Saturday at thousands of protesters in the capital, where many chanted "Death to the dictator," directing their anger at the Islamic Republic's Supreme Leader Ayatollah Ali Khamenei. "Apologize and resign," Iran's moderate Etemad daily wrote in a banner headline on Sunday, saying the "people's demand" was for those responsible for mishandling the plane crisis to quit. The latest upsurge in anger adds to public pressure on the authorities, which is struggling to keep the crippled economy afloat under stringent U.S. sanctions. It launched the bloodiest crackdown in the 40-year history of the Islamic Republic in November after protests against a hike in fuel prices turned political. About 1,500 people were killed in less than two weeks of unrest, three interior ministry officials told Reuters, though international rights groups put the figure much lower and Iran rejected the figure. Trump tweeted on Sunday: "To the leaders of Iran - DO NOT KILL YOUR PROTESTERS. Thousands have already been killed or imprisoned by you, and the World is watching."