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A Longer #Threade I observed the last weeks
#Lebanon #IWF #China #Beirut #LebanonProtests #Financialcrise #bankruptcy
In Beirut there is hyperinflation, prices rose by 250 percent within a month, plus corruption, coronavirus, unemployment and hunger.
#Lebanon #IWF #China #Beirut #LebanonProtests #Financialcrise #bankruptcy
In Beirut there is hyperinflation, prices rose by 250 percent within a month, plus corruption, coronavirus, unemployment and hunger.
Lebanon, long ago called "Switzerland of the Middle East", is in danger of total collapse. Only the IMF and China could help. But negotiations with the IMF have failed. Now some are relying on China as a savior in need. But whether Beijing participates in it can be doubted.
And involved in this chaos is of all things EY, the accounting firm that gave Wirecard its falsified balance sheet for years (€ 1.9 billion). In March, Lebanon was unable to pay interest on its euro bonds for the first time.
