+1 (216) 269 3272 Pierre@profilenewsohio.com

DUBAI: The cost for Lebanese banks to restructure debts could range from 30 percent to 134 percent of the country’s GDP for 2021, S&P Global said.
The political deadlock in the country has left key institutions, including the banking system, unable to pursue economic recovery and restructure outstanding debt.
“The main stumbling block to restructuring appears to be that Lebanon is currently functioning with a caretaker government without authority to agree terms with creditors,” the report said.
Failure to restructure the financial system could leave the Levant country with banks unfit to support economic recovery, it added.
But even if banks are able to restructure, the global credit agency said external funding alone “will probably be insufficient to absorb those costs.”
“At this stage, bailing in depositors – for example by paying them below-market exchange rates, or converting deposits into equity – seems highly likely,” S&P said.
Lebanon earlier suspended payments on its Eurobonds.
As of March 31, 2021, domestic banks held about 60 percent of their assets in the form of Banque du Liban (central bank) deposits and certificates of deposits, and 11 percent in government treasury bills and Eurobonds.
In turn, the central bank held about 44 percent of government debt, and commercial banks 26 percent directly at year-end 2020.
Lebanon needs strong political will and cooperation between key stakeholders, including the central bank, to resolve its current situation, the report highlighted.
S&P added the country could learn from other countries that also experienced economic blows in the past, but were able to overcome them through different measures.
These measures include external support, setting up an asset-management company, or the consolidation of the banking sector.
“Thus far, we have not seen any mergers or closures of Lebanon’s banks, although we expect this may change in 2021-2022,” the report indicated.

حكاية عملة الملك فاروق “سيئة السمعة” وعمليات استخباراتية وملايين الدولارات

في تطور جديد يتعلق بعالم العملات النادرة، بيعت مؤخراً عملة ذهبية تم سكها في الولايات المتحدة عام 1933 في مزاد بما يقرب من عشرين مليون دولار، وهو أعلى سعر تم دفعه مقابل عملة معدنية على الإطلاق. ويطلق على هذه العملة اسم "النسر المزدوج" وبيعت في مزاد نظمته دار "سوثبيز"...

الصين لمجموعة السبع: الأيام التي تقرر فيها مجموعة صغيرة من الدول مصير العالم ولت

حذرت الصين قادة مجموعة السبع من أن الأيام التي تقرر فيها مجموعة صغيرة من الدول مصير العالم قد ولت منذ زمن بعيد. وقال متحدث باسم السفارة الصينية في لندن "لقد ولت الأيام التي كانت مجموعة صغيرة من الدول تملي فيها القرارات العالمية". وأضاف "نعتقد دائما أن الدول، كبيرة...

Amazon now says remote work OK 2 days a week

Employees at Amazon won’t have to work in offices full time after coronavirus restrictions are lifted. This follows backlash from some employees to what they interpreted as the expectation they would have to return to the office full time once states reopen. SEATTLE:...

Our Businesses

Businesses We Endorse //

12

Fakher Collisoin Shop

Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Donec velit neque, auctor sit amet aliquam vel, ulla

15

Arabic to English Translator

Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Donec velit neque, auctor sit amet aliquam vel, ulla

11

Baaklini Photography

Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Donec velit neque, auctor sit amet aliquam vel, ulla

Submit your event

We will be happy to share your events. Please email us the details and pictures at publish@profilenewsohio.com 

Address

P.O. Box: 311001 Independance, Ohio, 44131

Call Us

+1 (216) 269 3272

Email Us

Publish@profilenewsohio.com