The economic crisis in Lebanon is driving people onto the streets. They are protesting against the banks denying them access to their savings.
Several dozen demonstrators have protested in the Lebanese capital Beirut against the worsening economic crisis.
According to a dpa reporter, they attacked several banks, smashed windows, set tires on fire and smashed ATMs. There were shouts like: “The banks in Lebanon are stealing our money!” With Lebanon running out of foreign exchange, banks have long allowed their customers to withdraw only limited amounts.
“We will not stop until all investors have collected their last dollar from the banks,” said a spokeswoman for the Depositers Outcry Association of the German Press Agency. The association was founded at the beginning of the recent Lebanese economic crisis in 2019. He supports bank customers in accessing their savings. Similar demonstrations keep happening in Lebanon.
Strict withdrawal limits
Since the end of 2019, the Mediterranean country has been in the worst economic and financial crisis in its history. The country is running out of foreign exchange. The banks have therefore imposed strict limits on foreign currency withdrawals. As a result, people can no longer access their savings in dollars. Many Lebanese have accounts in US currency.
The crisis is also attributed to decades of corruption in politics and business. The Lebanese currency has lost more than 95 percent of its value. According to the United Nations, three quarters of the more than six million people in the country live in poverty.
Source: Stern
I have been working in the news industry for over 6 years, first as a reporter and now as an editor. I have covered politics extensively, and my work has appeared in major newspapers and online news outlets around the world. In addition to my writing, I also contribute regularly to 24 Hours World.
