Desperate Lebanese depositors are taking their banks to court
Few have been successful, and parliament may ensure lenders dodge accountability
THIS WAS not how Rebecca Ego planned to use her law degree. In 2020 she was accepted into a master’s programme in America. It would cost $20,000 after scholarships, a sum she had in the bank. In Lebanon, though, getting money out of the bank is almost impossible: lenders have imposed harsh, arbitrary capital controls amid a financial crisis. Ms Ego was told she could not withdraw her funds.
This article appeared in the Finance & economics section of the print edition under the headline “Zombie defence”
Finance & economics May 7th 2022
- The Fed’s balance-sheet is about to shrink. Wall Street is not ready
- China’s erratic policies are terrifying investors
- India begins the privatisation of its huge life-insurance company
- Russia’s economy is back on its feet
- Watchdogs take a swipe at Apple Pay
- Will an ever feebler currency save or sink Japan’s economy?
- Desperate Lebanese depositors are taking their banks to court
- Who wins from carnage in the credit markets?
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