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Lebanon Heads for a Meltdown
(Guardian-UK) Martin Chulov - Lebanon's economy is disintegrating at an alarming rate, sparking a currency devaluation, a mass flight of money, restrictions on withdrawals, a grave threat to the country's banking system, and a guarantee that - without a foreign bailout - the country will default on its enormous debts by March at the latest. In the lead-up to Christmas, close to 400 restaurants closed, malls that usually teemed with expatriates home for the holidays stood empty, and local businesses reported a plunge in trade of up to 80%. "I have heard multiple reports of political parties storing food, in preparation for the upcoming crash," said Mohanad Hage Ali, communications director of the Carnegie Institute in Beirut.