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Lebanon has officially declared bankruptcy, according to Deputy Prime Minister Saadeh al-Shami. The state and the central bank have both faced significant financial losses, which will be distributed among various entities, including the state, the central bank, banks, and depositors. Lebanon has been in the midst of a severe economic crisis since 2019, leading to currency depreciation, fuel and medical shortages, and widespread power outages. Cash withdrawals in foreign currency have been heavily restricted since 2019.
Sunday, 3 April, 2022