Lebanon banking group rejects latest draft of financial recovery plan

In a statement shared with Reuters, the ABL called the plan “disastrous” and said it would leave banks and depositors shouldering the “major portion” of losses.

Lebanon government estimates that the financial sector’s losses amount to $72 billion.

“ABL has assigned its legal advisers to examine and present a range of judicial measures that will allow the preservation and recovery of the rights of the banks and the depositors,” the association said.