I have frozen USD account in Leb Bank up to October 2020.
I am still gettting the interest and able to spend it/cash it from abroad using the debit card.
I tried to buy property but the bank refused to even give me a check since the account is frozen; is this legal?
This is a tyical example of how twisted Leb mentality operates. Vanity supercedes common sense. Detachment from reality is what got us here in the first place. What people should be worrying about now is whether there will be a spectacular banking collapse that wipes out ALL deposits, a headcut rather than a haircut.
The only way to secure your money in LBP is not to have it in LBP and not to have it in the banks period. Do what you can to get it out( if you can). Take the harsh medicine and buy absolutely any currency you could get and keep it somewhere safe.
Real estate will get cheap as chips when people massively start defaulting. The banks will start repossessing houses. This will expedite the inevitable: banking collapse.
Foreign investors will start by grabbing everything the government owns and is profitable, they will start with telecom companies, then the oil if there is any. followed by land to build new power plants or dams or whatever they deem is profitable when the IMF tells Lebanon that they should build this or that for the infrastructure, and all that in order to reorganize the debt and push it into the future, if the Lebanese are smart enough, they will just default, prosecute the responsible bankers and reposess their money. Instead of selling the whole country to foreign investors.Does this mean that foreign investors will be able to grab prime real estate for Serbia and Montenegro prices? ?