{"id":28719,"date":"2020-01-30T08:29:49","date_gmt":"2020-01-30T08:29:49","guid":{"rendered":"https:\/\/v2.ecomnewsmed.com.ecn-01.ovea.com\/2020\/01\/30\/lebanon-is-the-new-government-able-to-revive-the-economy\/"},"modified":"2020-08-11T11:36:21","modified_gmt":"2020-08-11T09:36:21","slug":"lebanon-is-the-new-government-able-to-revive-the-economy","status":"publish","type":"news","link":"https:\/\/www.ecomnewsmed.com\/en\/2020\/01\/30\/lebanon-is-the-new-government-able-to-revive-the-economy\/","title":{"rendered":"Lebanon is the new government able to revive the economy?"},"content":"\nLebanon: can the new government revive the country\u2019s economy?\nThe new Lebanese government that took office on January 21st faces “immense challenges,” according to the new Prime Minister Hassan Diab. The economic situation in Lebanon is one of the main reasons for the massive social protest which has been hitting the country for several months and which is still very lively. Can the new government really revive the country\u2019s economy?\nIn Lebanon, “the banks are technically bankrupt”\nThe task at hand is huge, not to say practically impossible: the new government has to revive Lebanon\u2019s economy, urgently! Let\u2019s take a look at the context the government headed by Hassan Diab, and let\u2019s especially focus on the banking sector.\nIn Lebanon, the economic crisis is coupled with a financial crisis. The country’s debt reached more than 150% of GDP, supported by private banks which had ensured the stability of Lebanon. The country is not in its first economic crisis, but the springs which have, until now, always allowed it to rebound seem broken.\nToday, a lot of the international sovereign bonds are being traded at less than half of their normal market value. Moreover, Lebanese banks, short of cash, have restricted withdrawals, causing the fury of depositors. Lebanon could find itself in default on its debt.\nEnormous pressure on the new government\nWill the new government around Prime Minister Hassan Diab, appointed after the resignation of Saad Hariri, be up to the task? He did try to surround himself with \u201ctechnocratic\u201d ministers as demanded by the Lebanese men and women who have paraded in the tens of thousands on the streets since October 17th.\nHassan Diab not only has to face the pressure of the street but also that from abroad. US Secretary of State Mike Pompeo urged the new government to carry out “tangible” reforms. “Only government capable of […] real and tangible reforms can restore investor confidence and unlock international aid for Lebanon,” he said in a statement. As for French President Emmanuel Macron, he assured that France was ready to “do everything” to “help” Lebanon to emerge from a “deep crisis”\n","author":42,"featured_media":2747,"comment_status":"open","ping_status":"open","template":"","tags":[5761,5766,5751,5750],"location":[5628],"class_list":["post-28719","news","type-news","status-publish","has-post-thumbnail","hentry","tag-decision-makers","tag-economic-analysis","tag-economy","tag-news","location-lebanon"],"short_url":"","have_related_news":null,"chapo":"Lebanon has finally formed a new government headed by Hassan Diab and who faces the huge task of reviving the country\u2019s economy.","media":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/02\/beyrouth-2-2.jpg","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/02\/beyrouth-2-2.jpg 550w","sizes":"550px","alt":"Liban : que pr\u00e9voit le volet \u00e9conomique du plan Kushner dans le pays ? 1","width":550,"height":360,"ratio":0.65,"credit_photo":""},"media-news-header":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/02\/beyrouth-2-2.jpg","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/02\/beyrouth-2-2.jpg 1170w","sizes":"1170px","alt":"Liban : que pr\u00e9voit le volet \u00e9conomique du plan Kushner dans le pays ? 1","width":1170,"height":658,"ratio":0.65,"credit_photo":""},"acf":[],"yoast_head":"\nLebanon is the new government able to revive the economy? - Ecomnews Med<\/title>\n<meta name=\"description\" content=\"Lebanon: can the new government revive the country\u2019s economy? The new Lebanese government that took office on January 21st faces "immense challenges,"\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ecomnewsmed.com\/en\/2020\/01\/30\/lebanon-is-the-new-government-able-to-revive-the-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lebanon is the new government able to revive the economy? - Ecomnews Med\" \/>\n<meta property=\"og:description\" content=\"Lebanon: can the new government revive the country\u2019s economy? 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