
Lebanese bank losses to reach 200% of GDP - boredgamer2
https://ihsmarkit.com/research-analysis/lebanese-bank-losses-to-reach-200-of-gdp.html
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anonu
Lebanon has had a rough time this past year. The global pandemic is
accelerating a dire financial situation that was created by 3 decades of
corruption and petty sectarianism.

Lebanon has a long history (millennia) of rising from the ashes. So whatever
happens will happen... Hopefully the lessons from this crisis are taken to
heart on the next go around

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masnao
I have absolutely no understanding of what this article talks about. I've read
it twice, and it seems the banks will devalue the local currency, and sell off
foreign assets as they start to become a higher percentage of their holdings
because of the devaluation of the local assets.

but for what purpose?!

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gus_massa
Reading
[https://en.wikipedia.org/wiki/Banque_du_Liban](https://en.wikipedia.org/wiki/Banque_du_Liban)
it is not a common bank, but the main official bank of Lebanon. The bank
probably loan to the government a lot of money [1] and the government can't
pay back, so they have to make a huge devaluation.

[Hi from Argentina! We are last in that list.]

[1] something like the trillion dollar coin
[https://en.wikipedia.org/wiki/Trillion-
dollar_coin](https://en.wikipedia.org/wiki/Trillion-dollar_coin)

