Orange Room Supporter
And I didnt here eitherYou must remember one thing that Lebanon is the only country in the world where people do not hold their elected officials accountable for anything. Corruption is too pervasive to be weeded out and the only ones capable of doing it are the ones benefiting the most from it. So really why should they care? What is striking is their greed is insatiable.
IMO the lira will crash (In fact it should have already) is that debt is increasing at a pace there is no way to deal with it but to hit the printing button. Either that or allow the collapse of the banking system. This option gives the depositors the illusion that their money in LL is safe. Enough to tame them into willful submission like they always do. Printing money could halve government's debt.
what will happen between now and the inevitable collapse is an opportunity for the rich to dollarise their assets or at least hedge them while the unwise opt for higher interest on their LL deposits.
I wonder if anyone here could tell me how much of the foreign reserves the central bank holds is actually its own and not the banks'?