Protesters Stage Sit-in Demanding Banks Release their Locked Funds

Dozens of Lebanese protesters held a sit-in on Saturday in Beirut’s main Martyr’s Square complaining about the local banks’ policies, amid a deepening economic and financial crisis gripping the country.

The protesters later moved their sit-in near to the Association of Banks in Lebanon.

Lebanon is facing an unprecedented economic and financial crisis that has seen a sharp devaluation of the local currency after more than 20 years of being pegged to the dollar.

The protesters, mainly savers with US dollar accounts demanded banks to return their lifetime savings the “same as deposited.”

Savers with dollar accounts can not access their money.

Parents are unable to transfer tuition fees to their children studying abroad, who in turn are finding it more difficult to live without cash.

Protests against an incompetent political class erupted in October last year accusing leaders of corruption and mismanagement.

Banks imposed unprecedented capital controls to protect their deposits amid a deepening confidence crisis.

Source: Naharnet

Copyright © 2012 All Rights Reserved.