In Lebanon’s financial collapse, “protecting depositors” has become a political slogan. It reappears in the latest position paper by Executive Magazine, produced in partnership with the Lebanese Economic Association and the Union of Arab Banks, calling for the unconditional preservation of all bank deposits as a prerequisite for economic recovery.But who exactly is being protected? And at what cost?It’s time to reframe the debate: not as one between banks and depositors, nor local leadership and the International Monetary Fund, but between those who acted responsibly and those who exploited the system; between those who were trapped, and those who found a way out, often through privileged, opaque connections.Since 2019, millions of Lebanese have been denied access to their own savings. Meanwhile, a narrow circle of politically exposed or...