Lebanese banks struggle with public debt

Banking official slams government for failure to take serious action

BEIRUT: Lebanese banks may not be able to finance the public debt this year at the same pace as before if customer deposits and capital inflow shrinks, the secretary general of the Association of Banks in Lebanon (ABL) warned Thursday. “Commercial banks have been financing the public debt for a long time. However, this trend may change if the banking sector does not achieve real growth in deposits and assets” said Makram Sader.

According to the Central Bank, the money supply in the first four months of 2005 fell by 3.2 percent compared to 3 percent growth in the same period of 2004.

Sfeir brushes off U.S. accusations he is stirring sectarian strife

Patriarch lashes out at Lebanon’s MPs saying they failed their duty to pass a new electoral law

By Leila Hatoum , Daily Star staff

BEIRUT: Maronite Patriarch Nasrallah Boutros Sfeir brushed off U.S. accusations that he was “whipping up sectarian sentiments” following his criticism of Lebanon’s electoral law and launched a fresh attack on the legal framework for the upcoming elections.

Following his insistence that the current electoral law “violates Christian Muslim coexistence,” which drew a sharp rebuke from the White House, who accused the patriarch of  increasing sectarian tension by “adding fuel to the fire,” Sfeir said yesterday that the law failed to “satisfy anyone.”

Syria, Egypt stress need to maintain unity of Lebanon

SHARM EL-SHEIKH, Egypt (AFP) – Egypt and Syria stressed the need to preserve the unity of Lebanon, cautioning against moves that could increase sectarian tensions in the country.

The call came after talks in the Red Sea resort of Sharm el-Sheikh between Egyptian President Hosni Mubarak and Syrian counterpart Bashar al-Assad, making his first visit to Egypt since Syria withdrew its troops from Lebanon.

“Concern now should be focused on guaranteeing Lebanon does not slide back into sectarian divisions that bring to mind an era that nobody desires,” Egyptian presidential spokesman Suleiman Awad told reporters on Thursday.

Lebanon opposition to set up committee to save polls – News Update

BEIRUT (AFP) – Lebanon’s anti-Syrian opposition agreed to draft joint lists to bolster Christian representation in legislative polls later this month, in a bid to patch up differences that threatened the elections.

The move came a day after the powerful Maronite Church warned that a Syrian-tailored 2000 electoral law used in the last polls would marginalize the large minority of Christians and upset Lebanon’s delicate religious co-existence.

“We have decided to call a meeting of the heads of opposition factions to draft joint electoral lists … to contain the flaws of the (2000 electoral) law imposed by the Syrian-Lebanese security authorities,” a statement said.

The opposition also accused Syria, which officially completed a troop withdrawal from Lebanon April 26, of “continuing to intervene in Lebanon … through allies in order to jeopardize the democratic process” in the country.

Lebanon opposition in crucial talks to save polls

BEIRUT (AFP) – Lebanon’s anti-Syrian opposition met for crucial talks ahead of disputed polls later this month, amid growing rifts and warnings from the Maronite Church over constituency boundaries and calls for elections to be delayed.

The meeting, which opened mid-morning, was marred by the absence of key opposition figures like Druze leader Walid Jumblatt and Sunni candidate Saadeddin Hariri, the son of slain prime minister Rafiq Hariri.

Christian heavyweights such as hardliner Michel Aoun and former president Amine Gemayel also failed to attend the meeting which was expected to adopt a common strategy for the four-stage elections due to start May 29.

“The opposition will end up by agreeing on a solution that satisfies everyone,” Christian MP Nassib Lahud told AFP on the sidelines of the meeting.

Lebanon Christian leader slams election law

BEIRUT (AFP) – Christian hardline leader Michel Aoun, who returned home at the weekend after 15 years in exile, savaged Lebanon’s electoral laws that have set the framework for polls planned to start this month.

He said that the Syrian-tailored electoral law of 2000 that breaks Lebanon into large constituencies marginalises Lebanon’s Christian community which wants smaller voting areas.

“We will never submit ourselves to this situation and we reject folkloric meetings that are held to promote the scenarios of alliances that are nothing but treachery and falsehood,” he said.

His comments, made following talks with Maronite Cardinal Nasrallah Sfeir, came hours after Lebanon’s Maronite bishops warned the law would disrupt the country’s fragile Christian-Muslim coexistence.

Lebanon Church Seeks New Election Law

By SAM F. GHATTAS, Associated Press Writer

BEIRUT, Lebanon – Lebanon’s powerful Maronite Catholic Church on Wednesday rejected the election law drafted under Syrian dominance as unfair and asked that it be revised before parliamentary elections this month that have been pushed by Washington.

Maronite Cardinal Nasrallah Sfeir did not call for a boycott or postponement of the elections slated to begin May 29, but his challenge to the election law could further complicate efforts to start the vote on time.

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