The Grand Serail, located in downtown Beirut, on April 28, 2024. (Credit: Mohammad Yassine/L'Orient-Le Jour)
The latest government plan for banking restructuring and resolution — currently being developed by a team led by advisor to caretaker Prime Minister Najib Mikati Nicolas Nahas — appears destined for failure. According to confidential information from government sources, several ministers from different political factions are already poised to block any draft legislation incorporating its provisions when it reaches parliament.“After so many failed attempts, one bitter truth has emerged: in Lebanon, the distribution of burdens and responsibilities is dictated by the unwritten rules of politics and sectarianism,” said a source to L’Orient-Le Jour.Despite a lengthy drafting process, this new plan offers a framework more favorable to the banking sector than previous versions from Hassan Diab’s government in 2020 and Mikati’s proposals in...
The latest government plan for banking restructuring and resolution — currently being developed by a team led by advisor to caretaker Prime Minister Najib Mikati Nicolas Nahas — appears destined for failure. According to confidential information from government sources, several ministers from different political factions are already poised to block any draft legislation incorporating its provisions when it reaches parliament.“After so many failed attempts, one bitter truth has emerged: in Lebanon, the distribution of burdens and responsibilities is dictated by the unwritten rules of politics and sectarianism,” said a source to L’Orient-Le Jour.Despite a lengthy drafting process, this new plan offers a framework more favorable to the banking sector than previous versions from Hassan Diab’s government in 2020 and Mikati’s...
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