BEIRUT - Lebanon’s government approved an emergency package of economic reforms on Monday in a bid to ward off crisis and defuse the country’s biggest protests in decades.
“It doesn’t resolve any problems - if anything, it creates more problems down the road. If you haircut the debt, it will cripple the banks and it is also going to result in breaking the peg very likely. Let’s turn back the clock to Argentina in 2001 - when they defaulted and the peg went it was just complete chaos. A default in itself does not cure the problems. That is why they need a plan. There has been fiscal adjustment, but it has not been enough,” he said.
“I think the currency peg to the dollar will be maintained in the short term given the comfortable official reserves of the central bank . However, the risk on the peg to the dollar will increase if the Lebanese authorities fail to convince international donors that strong fiscal and structural measures are being implemented, including in particular fighting tax evasion and reforming the Electricity Company .
“There are a lot of question marks,” he said. “On paper, it sounds very good, much needed and overdue. But will this government manage to regain the confidence of millions of people, or should it step aside in an orderly transition to a government of experts that would implement reform?”
It works: the Power of the People!!
How I wish this happens in my country, but no they are too scared of the government they elected by theirselves
هم كذا حكام العرب مهانين ولا احد يبيهم وفارضين نفسهم بالسلاح.. يالله انك تلعنهم وش الحل مع ذولا.. 😁
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