Lebanese protesters turn their ire on banks (AP)


Original Creation Date: 
Saturday, December 28, 2019
End Date: Friday, December 31, 9999
Last Modified: Monday, February 3, 2020



Extracted Text (if PDF):
Lebanese protesters turn their ire on banks (AP)
Lebanese protesters turn their ire on banks (AP)
Last Modified: 11:56 AM, Sat Dec 28, 2019

by MAYA ALLERUZZO

28 December 2019

BEIRUT (AP) — Dozens of Lebanese protesters held a brief sit-in inside a bank in Beirut and another in the country's south on Saturday, part of their focus on banking policies they complain are inefficient and corrupt.


Lebanon is facing its worst economic crisis in decades, while protests against corruption and mismanagement have gripped the country since October. The local currency has taken a nose dive, losing more than 40% of its value after over 20 years of being pegged to the dollar. Banks are imposing unprecedented capital controls to protect their deposits amid a deepening confidence crisis. Meanwhile, layoffs and salary cuts are becoming the norm while politicians bicker over forming a new government.


Dozens of protesters entered a private bank in the commercial Hamra district in Beirut, protesting capital controls and insisting that no one would leave without the money they came for. Banks have put a withdrawal ceiling of $200 a week on most accounts, while totally blocking outside transfers.


“Thieves! Thieves!” two dozen protesters chanted, some sitting on counters and others on the floor. Bank staff watched, and the security guards did not interfere.


The protesters later helped a woman with a cane get to the second floor, again shouting that she wouldn't leave until she got the money she needs. The protesters posted videos of their actions on a Twitter account linked to the protest movement.


At another bank in the southern town of Nabatiyeh, a dozen protesters entered the branch chanting “Down with bank rule.” Inside the bank, a citizen complained about how he can't withdraw money to pay for his son living abroad as well as his employees, yet the bank continues to charge him for a loan he took. “Enough of that!” the man said, according to another video posted on Twitter.


The protesters have also organized a campaign called “we are not paying” asking depositors not to pay their loans amid the tight capital controls.


The anti-bank protests were fanned by recent comments from the Central Bank's governor saying he doesn't know how much further the local currency will lose its value. Riad Salameh's comments to reporters Thursday deepened panic in the highly dollarized economy.


Lebanon imports most of its basic needs, and is one of the world's most indebted countries. Some protesters are calling for banks to finance imports instead of servicing debts.


Lebanese officials have asked foreign countries and financial institutions to help secure needed capital for imports. Donors have called for major reforms before extending help — a request that will likely be delayed amid infighting between political groups over the shape of a new government.


Prime Minister Saad Hariri resigned on Oct. 29 and continues in a caretaker capacity.


The prime minister designate, Hassan Diab, was named on Dec. 19, and is backed by the militant Hezbollah group and its allies. However, he has failed to win the backing of the main Sunni Muslim groups.


Protesters have also rejected him, saying he is still part of the ruling elite they accuse of corruption.

Powered by InfoDesk
RIS
InfoDesk Inc
Article Info
Dateline: Beirut, Lebanon - Saturday 28 December 2019
Slugline: BC-ML--Lebanon-Protests
Location: Lebanon, Middle East, Beirut
People: Riad Salameh, Saad Hariri, Banks
Media
Lebanon Protests  Anti-government protesters occupy the Hamra branch of BLC Bank Dec. 28, 2019 in Beirut, Lebanon. Banks have imposed weekly limits on withdrawals of U.S. dollars amid a shortage in liquidity and as the country grapples with its worst economic and financial crisis since the end of the 1975-90 civil war. The country has been without a prime minister since ongoing mass protests forced the resignation of Premier Saad Hariri on Oct. 29. (AP Photo/Maya Alleruzzo)
Lebanon Protests  Anti-government protesters occupy the Hamra branch of BLC Bank Dec. 28, 2019 in Beirut, Lebanon. Banks have imposed weekly limits on withdrawals of U.S. dollars amid a shortage in liquidity and as the country grapples with its worst economic and financial crisis since the end of the 1975-90 civil war. The country has been without a prime minister since ongoing mass protests forced the resignation of Premier Saad Hariri on Oct. 29. (AP Photo/Maya Alleruzzo)
Lebanon Protests  An anti-government protester, one of more than 20, chants slogans as they occupy the Hamra branch of BLC Bank Dec. 28, 2019 in Beirut, Lebanon. Banks have imposed weekly limits on withdrawals of U.S. dollars amid a shortage in liquidity and as the country grapples with its worst economic and financial crisis since the end of the 1975-90 civil war. The country has been without a prime minister since ongoing mass protests forced the resignation of Premier Saad Hariri on Oct. 29. (AP Photo/Maya Alleruzzo)(AP Photo/Maya Alleruzzo)
Lebanon Protests  Two employees of the BLC Bank watch anti-government protesters occupy the Hamra branch Dec. 28, 2019 in Beirut, Lebanon. Banks have imposed weekly limits on withdrawals of U.S. dollars amid a shortage in liquidity and as the country grapples with its worst economic and financial crisis since the end of the 1975-90 civil war. The country has been without a prime minister since ongoing mass protests forced the resignation of Premier Saad Hariri on Oct. 29. (AP Photo/Maya Alleruzzo)
Lebanon Protests  Anti-government protesters smoke cigarettes as they sit on the counter of the Hamra branch of BLC Bank Dec. 28, 2019 in Beirut, Lebanon. Banks have imposed weekly limits on withdrawals of U.S. dollars amid a shortage in liquidity and as the country grapples with its worst economic and financial crisis since the end of the 1975-90 civil war. The country has been without a prime minister since ongoing mass protests forced the resignation of Premier Saad Hariri on Oct. 29. (AP Photo/Maya Alleruzzo)
Lebanon Protests  Anti-government protesters occupy the Hamra branch of BLC Bank Dec. 28, 2019 in Beirut, Lebanon. Banks have imposed weekly limits on withdrawals of U.S. dollars amid a shortage in liquidity and as the country grapples with its worst economic and financial crisis since the end of the 1975-90 civil war. The country has been without a prime minister since ongoing mass protests forced the resignation of Premier Saad Hariri on Oct. 29. (AP Photo/Maya Alleruzzo)
Keywords
General news, Protests and demonstrations, Political and civil unrest, Government pay, Government business and finance, Business, Government and politics, Financial crisis, Financial markets, Economy, Lebanon-Protests


Extracted HTML from File (if Word):

BEIRUT (AP) — Dozens of Lebanese protesters held a brief sit-in inside a bank in Beirut and another in the country's south on Saturday, part of their focus on banking policies they complain are inefficient and corrupt.



Additional Information Added (if Keywords or HTML):

3303aa2d-8aa5-4b2c-aa35-57476d01c448, a3b107a5-26f9-41f2-b970-8c2620facf70, fe910b4c-9a3b-4e6a-89e3-e7cd97501952, e3e4e001-7e95-40cb-ae0e-5fbcf2eb7cf4, e759a486-c101-458c-bf26-5738979f6d01, 6784dd17-ac3d-429b-aaa9-2ecbc7ed60f0, e8da69df-6bbc-4d0a-8fc2-06f1be29dbd1, cbadc51b-ab7a-41d6-a912-5161848c8811, 3c9c04f4-43ef-4657-b28c-1ac2ced5bf28, 0e147758-c26f-4b33-a837-94e4a1135d66, 42b72c24-7b79-4377-87d7-abbb66e51106, 9b1a1c1c-798e-407d-8bc9-9ee1c62f0939, aed9c09b-551d-49f0-99d3-e97e26be8e65, fcda1dd7-66f0-4e2c-ac1a-f1693e8181b2  

Origin Date of File: 
InfoDesk

File Size (Length) (in kb):
2019-12-28T11:56:00Z

Phone Numbers found in File: 


Full Path to File:


Semantic Relevance of Words within this Record :
DataSource: The column 'Attributes' specified in the SEMANTICSIMILARITYTABLE, SEMANTICKEYPHRASETABLE or SEMANTICSIMILARITYDETAILSTABLE function is not full-text indexed with the STATISTICAL_SEMANTICS option. The column must be full-text indexed using the STATISTICAL_SEMANTICS option to be used in this function.


PDF Viewer of File (if PDF)
 

Roles:

Everyone: All Users QC Code Generated for this Record