That is certainly a lot of books, which I’ll get into as soon as I can. As soon as I bury my father. Which I’m not entirely sure why I’m sharing with a gaggle of total strangers on a blog about Lebanon, but whatever. I’m drunk right now. I’m afforded certain liberties.

Point taken, thank you. I wouldn‘t argue with how the debt is split, although your assertion that more than 50% of the debt is sourced from domestic banks is encouraging for a better, less debt-laden future. I will agree with you wholeheartedly however that a very small well-placed minority have been benefiting for decades while the masses at large are paying the price, in more ways than one.

There is no doubt, I maintain, of the need for reform in our country. I do warn however of reforming one sector i.e. financial while disregarding others. Reform has to be general and comprehensive, covering sectors such as the judiciary social areas, just to name a couple.

Regards

I am glad that you want the current opposition to win irrespective of your opinion of HA and the Tayyar. I wish there are many like you.

Question Mark

As a matter of fact over 60% of the %50bn public debt is internal. Moreover, a big chuck of the $30bn has been subscribed by few banks (close to the current government) at high return.
Once the current opposition takes over the government the $30bn should be negotiated down to $10bn at most.
The other external debt should be refinanced at much lower inertest rate.
Even without any reform, the government budget will balance.
However, both structural & parametric reform is needed to ensure a Just Social Program in Lebanon.
Much more could be said at later date.

For the record, as the Lebanese were getting poorer the Ruling Party was getting richer.

Yes, the economy is pretty bad, with nearly $50bn in external debt … and yes it could worse in the absence of any real -declared at least- strategy to build the national economy on solid productive grounds rather than the service economy that we have abused for decades, and one that has almost annihilated the middles-class and widened the gap between rich and poor to unprecedented proportions. It is a miracle, really, that the worsening economic situation did not spill into social strife since the 90s. This is one of the blessings of having a sectarian, tribal society dressed, very flimsily I might add, in the guise of ‘glorious democracy’.

Immigrant:

While I respect your right to have a political view because it is incumbent on every ‘real and concerned’ citizen to be involved in political discourse for the betterment of his country, I am at loss as to understand how one can wish his country ill in order for one to express his/her political views.

On a related note, I do not believe that, in the short term at least, the economy would change much as a direct result of the elections irrespective of who wins. There are some people out there who have already invested a great deal of resources, monetary as well as in other ways, in the country, and consequently would be inclined to follow through. Yes some would elect to cut their losses and turn to pastures greener, but looking at the scene from a strategically and political perspective, I do not feel that an unstable Lebanon would be be condoned by nay of the major players, regionally and internationally, with the sole exception of Israel, that is. If you are counting on further economic hardships as a result of the current parliamentary minority becoming a majority after 7 June, I would propose that you somewhere else to convince people to vote this way or the other, and there is plenty there to ponder.

Regards

Just one small correction. I meant June 7 not May 7 at the end of my previous comment.