WASHINGTON (Reuters) – The International Monetary Fund stands ready to provide advice and technical assistance to Lebanon in its efforts to avoid a financial collapse, a spokesman for the global lender said, confirming the government had asked for help. “We stand ready to assist the authorities,” IMF spokesman Gerry Rice said in a statement. “Any decisions on debt are the authorities’, to be made in consultation with their own legal and financial advisers.”

by Arab news –NAJIA HOUSSARI – BEIRUT: Senior Lebanese politicians are expected to refuse to pay an external debt on time and are seeking technical assistance from the International Monetary Fund (IMF). Lebanese President Michel Aoun said: “The financial and economic crises that Lebanon suffers from can no longer be solved easily and have necessitated relatively harsh measures for the Lebanese, and the cost today is higher than before.” On Wednesday, Aoun warned that “everyone who reached out to the treasury will be tried according to the law before a special court specializing in financial crimes against public money.”

By NAJIA HOUSSARI — arabnews.com — BEIRUT: The streets of Beirut erupted in fury once more on Tuesday as protesters tried to block members of parliament from holding a vote to approve the government of new Prime Minister Hassan Diab. Riot police fired tear gas and water cannon, and demonstrators lobbed rocks at security forces and hurled eggs and paint at MPs and ministers as they arrived at parliament. Protesters tore down walls to use stones as missiles, and set fire to a branch of one of Lebanon’s biggest banks, BLOM. Flames engulfed the building as demonstrators smashed the facade and furniture. At least 370 people were injured in the clashes, and 45 were treated in hospital. One MP, Salim Saadeh of the Syrian Social National Party, suffered head injuries when protesters smashed up his car. He was treated at the American University Hospital, before returning to parliament to vote with a swelling on his forehead and around his left eye. Protesters also pelted the cars of ministers Damianos Kattar and Ghazi Wazni with stones and eggs. The Minister of Public Works and Transport, Michel Najjar, traveled to parliament on the pillion seat of a motorcycle.

In the end, the protest failed — the vote of trust in the new government went ahead, with 63 voting in favour, 20 voting against, and one abstention. Nevertheless, the protesters, many of whom had slept overnight in freezing temperatures in Riad El-Solh and Martyrs Squares, had made their point. “People are suffering and the government is not listening,” said demonstrator Lama Tabbara, 34. “It takes a long time to uproot an old rotten tree, and that’s what the government represents.” Another protester, Christopher, 26, said: “We are here to reject Diab’s government and to say that the Lebanese people have no confidence in it — even if MPs vote to support it.” He said the new ministers may appear to be qualified but they still depended on “the parties that destroyed the country.”

by naharnet — Maronite Archbishop of Beirut Boulos Abdul Sater on Sunday noted that “a true leader is one who resists the naturalization (of refugees) and one who chooses to leave rather than disappoint or harm his people.” “A true leader is not one who believes that the country is a property for him and […]

by themedialine.org — DIMA ABUMARIA — One critic says that with so much poverty, few today talk about ‘resistance’ against Israel, the Iran-backed Shi’ite group’s primary raison d’etre Anti-government protestors continued to take to the streets of Beirut over the weekend, declaring their lack of confidence in the country’s new prime minister, Hassan Diab, and his cabinet. As the new government’s biggest backer, the Iran-backed Hizbullah movement is seeing its popularity wane and possibly losing its legitimacy as a resistance movement. “The government failed before it even started,” Ali Amin, a Lebanese analyst and journalist who writes for the London-based Al-Arab newspaper, told The Media Line, explaining that people were revolting against an entire political system but were given a new government with the same platform and same political powers. “Hizbullah is a key party in forming this new government and is perhaps its primary backer, as [the government] could never have been formed without Hizbullah’s support for its leader and members,” he said. “The ongoing battle here is between the new government and the street, which rejects it and is expressing this through protests.”

The protests have been taking place since mid-October, when people rose up against a new tax on the use of internet-based communications programs like Whatsapp. The protests widened to express a deep dissatisfaction with economic mismanagement, corruption and sectarianism. Under relentless pressure, Prime Minister Saad al-Hariri resigned on October 29. But since the beginning, demonstrators have vowed not to leave the streets until there is a government of experts rather than politicians who merely represent the country’s many ethnic and religious groups. Amin adds that Lebanon is expected to witness a wave of new demonstrations on Tuesday as the parliament gathers for a vote of confidence in the new government, noting that the majority of lawmakers are in the sway of Hizbullah and its allies.

Bloomberg/Beirut — Some foreign holders of Lebanon’s Eurobonds are expressing support for a government debt restructuring as the clamour grows among local politicians to skip a payment due in weeks. At a private meeting days ago with government representatives, a number of foreign funds that own Lebanese sovereign bonds, including a $1.2bn note due March 9, argued that the crisis-ridden country would be better off restructuring rather than paying its debt, said a person familiar with the matter, declining to identify the investors. In a suggestion that the fallout can be contained, they said Lebanon’s bonds were already discounted on their balance sheets, according to the person, who asked not to be named because the information isn’t public. Most of Lebanon’s bonds maturing beyond this year trade at between 35 and 40 cents on the dollar. The March notes fell around 2 cents to 87 on Thursday, still above their low of 76 on January 29.

Central bank governor Riad Salameh has told officials including the new Prime Minister, Hassan Diab, that he is willing to pay the debt if instructed by the government, people familiar with the talks said. He’s already helped repay nearly $5bn of bonds in the past year. While Diab is in favour of meeting Lebanon’s debt obligations this year, according to a local media report, he hasn’t yet made a final decision. The decision will come down to a choice of who should bear the cost of easing one of the world’s biggest debt burdens, estimated at over 150% of gross domestic product last year, as hardships mount after months of protests. Lebanon is enduring its worst financial crisis in decades, with the central bank rationing dollars and nationwide unrest over what many fear could be an imminent collapse. Despite a spotless record of servicing international debt, consensus is fraying in Lebanon as almost $3.5bn in Eurobond principal and interest payments come due by June. Bankers say local lenders, which hold most of the country’s Eurobonds, favour a repayment to avoid blowing a hole in their balance sheets. The most recent payment of $1.5bn, made by the central bank in November, was criticised by some local politicians who said Lebanon should instead use what’s left of its reserves on buying much-needed imports. A group of lawmakers aligned with a majority in parliament is lobbying the government to seek technical assistance from international institutions before making a final decision. They’re trying to convince the premier and others that Lebanon risks a crisis and violence similar to Venezuela, which defaulted on its debts in 2017.

by npr.org — DEBORAH AMOS — LAMA AL-ARIAN — Like many Lebanese, Jesuit priest Gabriel Khairallah has been on the front lines of anti-government protests for more than three months. “I mean, what am I doing on the front? I am against corruption and seeking social justice, and the same for the doctors,” he says. He’s done much more than protest on the streets — in recent weeks, he also opened a low-cost medical clinic in the annex of Beirut’s St. Joseph Church.

In Khairallah’s clinic, which is run mostly by volunteers, the cost of a visit is about $5 and is waived for those who can’t afford it. More than 30 doctors serve on a rotating basis, providing specialized care in cardiology, pediatrics, gynecology and orthopedics. Khairallah also corralled pharmacies to donate certain medicines. “We are collecting from every person of goodwill,” says Khairallah. “We are not expecting a miracle. We hope to create a place where people feel respected.”

A perfect economic storm

The need for such a clinic arose as Lebanon’s economic woes sparked spontaneous mass protests last October. A million people took to the streets. Initially, anger surged over a new tax on Internet voice-call services, and expanded to demand the ouster of the government. The protests, peaceful for months, grew more violent in December, as riot police used water cannons, tear gas and rubber bullets to stop thousands from demonstrating in front of the parliament building. Lebanon is one of the most indebted nations in the world. For decades, the central bank serviced debt by offering high interest rates to attract capital. “But it reached a point that people began to realize it’s not sustainable and the government is just accumulating more debt and the banks are further away from solvency,” says Paul Salem, president of the Middle East Institute in Washington, D.C. Over the past 18 months, with a decline in oil prices, remittances from Lebanese working in the Gulf also have shrunk. “It’s causing a reverse sucking motion,” Salem says, “with people not sending money and trying to pull their money out.”

Democratic presidential candidates Sen. Elizabeth Warren, D-Mass., and Sen. Amy Klobuchar, D-Minn. greet each prior to the start of the Democratic presidential primary debate in  Manchester, N.H. Friday.

by AP — In a perfect world, Susan Stepp, a 73-year-old retiree, would be voting vote for Massachusetts Sen. Elizabeth Warren in New Hampshire’s Democratic presidential primary Tuesday, she says. But that won’t be happening. “I am not sure a woman is the best candidate to go up against Trump,” Stepp said recently as she stood in the back of a conference room listening to tech entrepreneur Andrew Yang as part of her hunt for the best candidate to challenge the Republican incumbent. Stepp’s concern has coursed through the Democratic primary for months, registering in polling, interviews and, now, the first votes cast. In Iowa’s caucuses last Monday, many Democrats did not prioritize breaking the gender barrier to the Oval Office and they viewed being a woman as a hindrance rather than an advantage in the race.

Only about one-third of Iowa caucusgoers backed a female candidate. Topping the caucus field were two men, former South Bend, Indiana, mayor Pete Buttigieg and Vermont Sen. Bernie Sanders,. Women were only slightly more likely than men to back one of the three women in the race, according to AP VoteCast, a survey of more than 3,000 Iowa voters. Most Iowa Democrats said it was important for a woman to be president in their lifetimes. But many voters, including about half of all women, said a female nominee would have a harder time beating Donald Trump in November. “He will just use that against her, like he did Hillary,” Stepp said, looking back to Trump’s 2016 race against Hillary Clinton in 2016. “He doesn’t debate. He just insults. I don’t think he would have that same effect if he went up against a strong man.” Stepp said she plans to vote for Sanders. Those perceptions present an undeniable headwind for the women in the race, who have spent months making the case that a woman can win. As they seek success in New Hampshire, both Warren and Minnesota Sen. Amy Klobuchar must work to energize voters about the chance to make history and persuade them it is possible this year, in this race against this president. “In 2020, we can and should have a woman for president,” Warren said at a CNN town hall this past week, days after taking third in Iowa. Klobuchar came in fifth. The Associated Press has not called a winner in the Iowa caucus because the race is too close to call.

Swiss watches are getting out of date. Last year, Apple alone sold more watches than the entire Swiss watch industry combined, according to figures compiled by Strategy Analytics. Apple shipped an estimated 31 million smartwatches worldwide in 2019 — a 36% increase from the year before. Classic brands like TAG Heuer, Tissot and Swatch together […]

by sputniknews.com — Aoun wrote on his official Twitter account that Lebanon plans to work with its international partners to fight corruption. “I talked on the phone with French President Emmanuel Macron … A number of countries, first of all, France, have expressed readiness to help Lebanon”, the press office of the Lebanese presidency quoted […]

BEIRUT, Feb. 7 (Xinhua) — Lebanese President Michel Aoun assured on Friday that he will not allow the security situation to get out of control, said a presidency statement. “It is very important to control the security situation in order to maintain stability and civil peace, and protect the image of the state and its […]