Fears growing over who will pay for Lebanon’s bankruptcy

Lebanon and its central bank are bankrupt, according to the country’s deputy prime minister.

Economic groups in Lebanon have objected to a plan presented to the IMF that clears the state of liability and leaves depositors and banks to foot the bill. It also turns state debt into heavy losses for the Lebanese economy and society.

They objected to “easy solutions, by adopting an accounting approach that eliminates losses without any special considerations.”

They also stressed the need to preserve the rights of depositors and the continuity of the banking system.