Lebanese Banks Want To Sue Government And Central Bank of Lebanon

REUTERS/Mohamed Azakir

In looking for a solution, the government and the central bank of Lebanon held a financial meeting that took place in Baabda on Tuesday.

Following the meeting, it has become clear that a solution is out of grasp and will take longer than expected. In turn, this will leave negative repercussions on Lebanon’s already suffocating economy.

Apparently shocked and stunned by the result of the meeting, Lebanese banks are considering filing a lawsuit against both the government and the central bank of Lebanon in order to return their money, according to Al-Joumhouria and Naharnet.

Lebanese banks are being pushed to play their last card: to hold accountable those who took the people’s money, spent it, and failed to pay it back.

This is the banks’ last resort and a measure to protect themselves from being sued by depositors. Also according to the same sources, should the banks carry on with the decision, the lawsuit will be filed both in New York’s and Lebanon’s courts.

The trio is slated to meet in Baabda on Monday, next week, to discuss the state of the Lebanese pound.

In related news, major foreign banks have begun to block transactions to and from Lebanon adding more challenges to the banking sector.