Lebanese Banks to Start Open-Ended Strike, to Keep ATMs Working

A man uses an ATM machine outside a local bank in Beirut, Lebanon, 01 February 2023. (EPA)
A man uses an ATM machine outside a local bank in Beirut, Lebanon, 01 February 2023. (EPA)
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Lebanese Banks to Start Open-Ended Strike, to Keep ATMs Working

A man uses an ATM machine outside a local bank in Beirut, Lebanon, 01 February 2023. (EPA)
A man uses an ATM machine outside a local bank in Beirut, Lebanon, 01 February 2023. (EPA)

Banks in Lebanon will start an open-ended strike from Tuesday but will keep ATMs operating for basic services, the Lebanese Banks Association said on Monday, urging authorities to pass overdue measures to deal with a deep financial crisis.

The decision came after a meeting by the association to discuss judicial measures against banks that have snowballed since the onset of the crisis, and "their impacts on banking workflow and the rights of depositors", it said in a statement.

It called on Lebanese authorities to pass a capital control law that would enshrine informal restrictions on withdrawals in hard currency and Lebanese pounds, as well as legislation to restructure the country's troubled banks.

Lebanon's financial system imploded in 2019 after decades of profligate spending, corruption and mismanagement by ruling elites, leaving most depositors unable to freely access their funds and throwing thousands into poverty.

The crisis has been left to fester.

In April 2022 the government reached a draft deal with the International Monetary Fund for a $3 billion bailout, but nearly a year later has failed to complete the steps required to clinch the accord, leading the IMF to note "very slow" progress.

Capital controls and a bank restructuring framework are among the IMF preconditions for the bailout.

The banks association also called for banking secrecy regulations to be abolished, including retroactively, which would allow lenders to share data with authorities and the judiciary for financial investigations.

Because capital controls have been imposed ad hoc, banks have faced lawsuits from customers seeking their deposits.

There have also been an array of allegations of financial misconduct, including that influential people and bank shareholders transferred money abroad during the crisis at a time when most people were unable to do so.

Last year, parliament amended strict banking secrecy regulations to allow more access for authorities including tax regulators and the judiciary. But bankers have said that the new law does not allow them to provide data that predates it.



CENTCOM Nominee: US Needs Troops in Syria to Stop ISIS Comeback

US Navy Vice Adm. Brad Cooper 
US Navy Vice Adm. Brad Cooper 
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CENTCOM Nominee: US Needs Troops in Syria to Stop ISIS Comeback

US Navy Vice Adm. Brad Cooper 
US Navy Vice Adm. Brad Cooper 

ISIS remains a threat in Syria and a US military presence is still needed there to deal with it, US Navy Vice Adm. Brad Cooper said in his confirmation hearing to become the next head of US Central Command.

The Pentagon has already decided to significantly reduce the number of troops in the country from 2,000 to fewer than 1,000.

But Cooper told the Senate Armed Services Committee on June 24 there is a continued need for at least some presence. And he argued that the complex situation in Syria needs to be weighed before making additional troop cuts.

“Presence is indispensable in the execution of the counter-ISIS mission today,” said Cooper, who currently serves as the deputy commander of CENTCOM, which oversees US forces in the Middle East.

“We have led it. We lead it today, and I anticipate we’ll lead it into the future. Every decision made on force posture is going to be conditions-based as I look to the future,” he added.

When asked by Senator Joni Ernst about the church bombing in Syria few days ago, Cooper said, “We are focused on this problem set every single day. ISIS remains a threat, and as we look to the future, and if confirmed, I will remain nose down on this threat. It is an absolute priority.”

Cooper said the US was right to back Syrian President Ahmed Sharaa and that he was a vital partner in the campaign against ISIS.

“ISIS thrives in chaos,” Cooper said. “If the government of Syria, now seven months into their existence, can help suppress that ISIS threat, along with the US forces in the region, that stability helps create our own security.”

He added, “I think, given the dynamic nature of what’s happening today, that assessment [of required US troops in Syria] in the future could look different than it does today, perhaps.”

Cooper said the US played—and continues to play—a central role in the anti-ISIS campaign.

“The United States has led this mission from the outset. We still lead it today, and I expect that leadership to continue as we move forward, guided by operational realities,” he affirmed.