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Lebanon’s Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled

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The financial crisis in Lebanon has seen its currency, the Lebanese pound, fall 80%. The International Monetary Fund (IMF) has estimated that the country’s central bank has accumulated losses as much as 170 trillion pounds. The disagreement between the Lebanese government and the central bank has stalled bailout discussions.

The economic and financial crisis in Lebanon has deepened as the local currency has been in a free-fall. The Lebanese pound sold at a rate of 8,000 to the U.S. dollar on Sunday at local exchanges, losing about 80% of its value over the past 10 months.

The IMF has ...

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