WORST ECONOMIC CRISIS OVER A CENTURY AND WHY WE SHOULD CARE
FRANCESCO FIMIANI WRITES — Why should Middle East analysts and anyone else interested in the region’s economy and geopolitics be concerned about the tiny nation of Lebanon? Because, in shambles as it is now, it provides yet another theatre for proxy war in the region.
The country is facing its worst crisis since the 40 year-long civil war that raged during the 20th century and concluded with just a very delicate agreement formalized in the Taif Agreement in 1989.
It’s hard to wrap one’s head around the sheer misery besieging this tiny western Asian nation once labeled the “Switzerland of the East.” Its currency has lost more than 90% of its value. Lebanese people are being denied access to their savings from most banks in the country, so that it has become increasingly difficult to afford even basic items like water and bread. Recent reports claim that the poorest in…