Lebanon’s Cabinet on Friday approved a draft law to determine the extent of losses suffered by Lebanese banks during the country’s financial meltdown in 2019 and provide a mechanism to return depositors’ funds that were wiped out at the time. The financial collapse, which wiped out billions in savings and left many unable to access their funds, was part of a fiscal crisis that followed decades of corruption, financial mismanagement and nefarious profiteering. The draft legislation, which still has to be approved by parliament to become law, marked the first move by the government to try and return funds to individual depositors whose bank accounts were frozen.Read More
Lebanese Cabinet approves a draft law to return funds wiped out with the 2019 collapse of banks
