Lebanese protesters turn their anger on the banks

Mail Online | 1/22/2020 | Ryan Fahey For Mailonline
vegdancer18vegdancer18 (Posted by) Level 3
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Before picking up cash from a downtown bank in Lebanon's capital, Mey Al Sayegh mentally braces herself for what would have been a routine trip before the country's crippling cash crunch.

For starters, it will be at least an hour's wait in line before her turn comes. And if she's lucky, she'll be able to withdraw $300 (£230) — the weekly limit on dollar withdrawals imposed by banks to preserve liquidity — without having to bargain with the teller.

Tell - Family - Bank - Communications - Manager

'I tell my family 'I'm going to the bank, but I don't know when I'll return,' said the communications manager. 'It's very unpleasant. You see people's expression — worried, confused, they're scared that they're going to lose their deposits.'

For years, many Lebanese have lived beyond their means, supporting their out-sized spending with loans and generous remittances from diaspora relatives scattered across the globe, including family members working in oil-rich Arab Gulf countries.

Crisis - Capital - Controls - End - Anger

A severe financial crisis and unprecedented capital controls have put an end to this, uniting both rich and poor in anger against corrupt politicians who have brought the country to the brink of economic collapse, and a banking system they accuse of holding their deposits hostage.

In recent days, some protesters have taken out their ire on the banks, destroying ATMs, smashing bank windows and clashing with tellers behind the counter.

Dozens - Protesters - Sit-ins - Banks - Policies

Dozens of protesters have held sit-ins at banks against the fiscal policies, forcing tellers on more than one occasion to give them more than the weekly limit. Demonstrators routinely gather in front of the country's Central Bank, jeering and hurling expletives at its governor, Riad Salameh, who was once ranked among the world's top central bank governors.

'You go to a bank, get a ticket, and there are at least 50-60 people in front of you,' said Mahmoud Sayida, a tour guide...
(Excerpt) Read more at: Mail Online
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