Equities

Reuters exclusively reports Lebanese banks draft national rescue plan that keeps some of their capital

Reuters exclusively reports Lebanese banks draft national rescue plan that keeps some of their capital

Reuters exclusively reported that Lebanese banks are working on a national financial rescue plan that would preserve some of their capital rather than writing it all off as outlined in a government program. The Association of Banks in Lebanon (ABL) has criticized the plan approved by the government last week, saying it would “further destroy confidence” in the heavily-indebted country, which is facing economic and financial meltdown. The government plan, which will form the basis of talks on financial aid with International Monetary Fund, aims to steer Lebanon out of a crisis seen as the biggest threat to stability since the 1975-90 civil war.