Two years after Lebanon's economic collapse, the neighbouring country's leaders are proposing that depositors shoulder a greater burden to rescue the country's economy and financial system than banks. [THE PLAN, A COPY OF WHICH WAS READ BY REUTERS, SEEKS TO RESCUE THE COUNTRY'S BANKING SYSTEM BY FORCING DEPOSITORS TO COVER MORE THAN HALF OF THE $69 BILLION HOLE, WHICH IS THREE TIMES THE SIZE OF LEBANON'S GDP.
As Reuters reports, the plan calls for converting much of the US dollar deposits into Lebanese pounds at exchange rates that would wipe out most of their value.
(CNA)
CNA - Reuters
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