Beirut’s already fragile banking system is under attack as depositors smash up and burn banks in response to economic collapse and cash withdrawal restrictions. The ongoing economic crisis in Lebanon, exacerbated by the COVID-19 pandemic and political instability, has left many citizens struggling to access their savings and make ends meet.
Protests erupted in Beirut on Tuesday as angry crowds set fire to banks and destroyed ATMs, demanding access to their money. The Lebanese government has imposed strict withdrawal limits on banks to prevent a run on deposits, but this has only fueled frustration and anger among depositors.
The situation in Lebanon has been deteriorating for several years, with the country suffering from high inflation, widespread poverty, and a collapsing currency. The banking sector, which was once a pillar of the Lebanese economy, has also been hit hard, with many banks struggling to maintain liquidity and meet customer demands.
As a result, many Lebanese citizens have lost trust in the banking system and are taking matters into their own hands. In addition to the recent attacks on banks, there have been reports of people digging up buried money and hiding it in their homes.
The Lebanese government has promised to take action to stabilize the economy and improve conditions for its citizens, but so far, these efforts have been met with skepticism and anger. The country’s political system, which is divided along sectarian lines, has been criticized for its corruption and inability to provide basic services to its people.
The unrest in Beirut is just the latest manifestation of the deep-seated economic and political problems facing Lebanon. As depositors continue to face restrictions on their savings and the economy continues to suffer, it remains to be seen whether the country can find a way out of this crisis.
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