Lebanon Finance Minister: Repaying Depositors Should Not Just Be the State’s Responsibility

Lebanese Finance Minister Youssef Khalil speaks during a news conference in Beirut, Lebanon October 21, 2022. (Reuters)
Lebanese Finance Minister Youssef Khalil speaks during a news conference in Beirut, Lebanon October 21, 2022. (Reuters)
TT
20

Lebanon Finance Minister: Repaying Depositors Should Not Just Be the State’s Responsibility

Lebanese Finance Minister Youssef Khalil speaks during a news conference in Beirut, Lebanon October 21, 2022. (Reuters)
Lebanese Finance Minister Youssef Khalil speaks during a news conference in Beirut, Lebanon October 21, 2022. (Reuters)

Lebanon's finance minister Youssef Khalil said on Friday that the burden of repaying depositors whose funds have been frozen by the economic crisis should not fall solely on the government.

Lebanon's financial system is estimated to have suffered from $72 billion in losses, but a recovery plan laying out how those funds would be recovered has yet to be finalized.

"The state cannot finance whatever and however is asked of it, and the recovery of deposits should not come exclusively from its own pocket," Khalil told reporters.



Israeli Military Inquiry Says It ‘Failed to Protect’ Civilians on October 7

An aerial view shows members of the media during a visit to Kibbutz Kfar Aza, in the aftermath of a deadly attack by Hamas gunmen from the Gaza Strip, in southern Israel, October 15, 2023. (Reuters)
An aerial view shows members of the media during a visit to Kibbutz Kfar Aza, in the aftermath of a deadly attack by Hamas gunmen from the Gaza Strip, in southern Israel, October 15, 2023. (Reuters)
TT
20

Israeli Military Inquiry Says It ‘Failed to Protect’ Civilians on October 7

An aerial view shows members of the media during a visit to Kibbutz Kfar Aza, in the aftermath of a deadly attack by Hamas gunmen from the Gaza Strip, in southern Israel, October 15, 2023. (Reuters)
An aerial view shows members of the media during a visit to Kibbutz Kfar Aza, in the aftermath of a deadly attack by Hamas gunmen from the Gaza Strip, in southern Israel, October 15, 2023. (Reuters)

The Israeli military drastically underestimated the capabilities of Hamas before its attacks on Israel on October 7, 2023, and "failed in its mission to protect Israeli civilians", a summary of an Israeli military investigation published on Thursday said.

The perception that Hamas was not interested in a full-scale conflict and that Israel would have ample warning if that changed went unchallenged for years, the summary said, resulting in a lack of preparedness and ability to respond to an attack.

"The belief was that Hamas could be influenced through pressures that would reduce its motivation for war, primarily by improving living conditions in the Gaza Strip," the report said.

The investigation looked at Israeli military strategy, battle behavior and intelligence before, during and after October 7, 2023, when Hamas fighters stormed southern Israel, killing 1,200 people and taking more than 250 hostages, according to Israeli tallies.

More than 48,000 people have been killed in Israel's assault on Gaza since then, according to Palestinian health officials. Much of the enclave has been laid waste and most of the territory's 2.3 million prewar population have been displaced multiple times, humanitarian agencies say. Around 400 Israeli soldiers have also been killed.

The military investigation was conducted as calls grow from within the Israeli opposition and civil society for a national inquiry into the government's failures on the deadliest single day in modern Israeli history.

Israeli Prime Minister Benjamin Netanyahu has said a national inquiry would only be appropriate after the conclusion of the war.

The first phase of a ceasefire that began on January 19 is due to expire in two days' time.

The military investigation found Israel had focused its intelligence and military efforts on other fronts, such as Hezbollah in Lebanon, and relied too heavily "on intelligence, barriers, and defensive measures alone", and was thus caught by surprise.

Military commanders did not perceive an urgent threat leading up to October 7 attacks and did not reinforce the troops defending the border.

A statement from the Israeli Prime Minister's Office on Thursday said that the military had not given the prime minister the findings of its investigations into the war.