Desperate Lebanese Citizens Hold Up Banks to Access Their Money amid Financial Collapse – IOTW Report

Desperate Lebanese Citizens Hold Up Banks to Access Their Money amid Financial Collapse

DailyFetched

Banks in Lebanon have been flooded with desperate customers trying to withdraw their frozen money as the country faces complete financial collapse.

Most customers are only allowed to withdraw small, which is not enough to cover basic living costs, while most have been locked out of foreign currency assets for the last two years.

As FT notes, Lebanon’s financial collapse is one of the worst economic crises in modern history — is in its third year and has forced three-quarters of the population into poverty. The currency has lost more than 90 percent of its value.

On Wednesday, customers held up banks attempting to access their savings before the country’s economy collapsed.

One woman even resorted to using a toy gun to get her own money from a branch of BLOM bank in Beirut; she eventually withdrew over $13,000. more here

10 Comments on Desperate Lebanese Citizens Hold Up Banks to Access Their Money amid Financial Collapse

  1. “… customers are only allowed …”
    May have found the problem. Whose money is it? “Allowed” by whom?
    Obviously a subject population – not like Western Civilization – eh?

    May be a lesson in here, somewhere.

    mortem tyrannis
    izlamo delenda est …

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  3. Heh. ‘It’s like money in the bank’ used to be an investment pitch, a sure thing, no risk. Well, well, how times have changed. The bank takes ownership of the money you deposit, with a contractural obligation to return it to you on demand, with numerous conditions. Most people have no knowledge of any of those conditions on the front end. If the bank goes under the depositor is an unsecured creditor. Most anyone who’s dealt with a business bankruptcy in which they are owed unsecured money has experienced the realization that it ain’t coming back, ever.

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