Lebanon is a strange place. Instead of having a discussion with the State exclusively on debt restructuring, @ABLLebanon is taking part in discussions regarding how the State should reform and how losses should be financed! If that is the case, why are the depositors not ...
... represented? U really cannot count on @ABLLebanon to represent depositors as the interest of bank shareholders and depositors is not aligned. This is a salsa of conflict of interests of gigantic proportions. 1 more proof that finance & political inetrests are so intertwined.
It is imperative that depositors get organized in lobby groups, get the right lawyers, and ensure that the people who benefitted from financial engineering schemes, state contracts and corruption pay first, that equity of banks is used as a first shield ...
... and that state assets are not given away to ultimately strengthen further the existing oligarchic system. This process requires a transparent process in which people need to understand what they are being asked to cough up.
You can follow @henrichaoul.
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