Lebanon Daily News Brief 08/29/2022

Monday, August 29, 2022



Lebanese National Team Qualifies for Basketball World Cup
Today the Lebanese national basketball team, the Cedars, qualified for the Basketball World Cup after beating India 95-63. [Reuters]

Submersible Recovery Effort Concludes After Sunken Migrant Boat Found
AP News said, “A Lebanese submarine ended its mission after locating a boat carrying migrants that sank earlier this year in the Mediterranean Sea, but bigger equipment is needed to pull it out, [legislator Ashraf Rifi] said Monday.” According to the article, ten bodies were recovered from the sunken boat. [AP News]

Tracy Chamoun Announces Candidacy for Lebanese President 
A former Ambassador and granddaughter of the former president Camille, Tracy Chamoun announced her candidacy for president in the upcoming election. In her campaign announcement speech, she called for key reforms regarding Lebanon’s economic recovery and reestablishing international confidence in addition to criticizing Hezbollah. [AP News]

President Aoun Reiterates Intention to Form New Government Before His End of Term
According to statements issued by his press office, Lebanon’s President, Michel Aoun, clarified that efforts are ‘ongoing’ regarding the formation of a new government before the October 31st expiration of his presidential term. [L’Orient Today]


Financial Times
Lebanon’s Economic Crisis Is Pushing Families To The Brink

Raya Jalabi

Jalabi writes, “In the absence of formal capital control laws, banks decide who can access their funds, with most people limited to small monthly withdrawals. But media reports show that politically connected people have sent millions of dollars abroad. Meanwhile, the government has stalled on reform initiatives that could unlock international aid money, while endemic corruption and a lack of public infrastructure mean punishing bills for exhausted citizens. Despite these hardships, the capital is full of recently imported luxury cars and its beaches and restaurants are packed with expats home for the summer. But children are also sifting through dumpsters for scraps with their malnourished parents, while gaunt retirees, whose savings have been lost in the crisis, spend stifling summer days without power in their tiny, cramped apartments. In the absence of state efforts to alleviate the crisis, Hussein’s bank hold-up may not be the last.”

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The 961 News
The Euro Drop Explained, Here Is Lebanon’s Part Of This Overseas Crisis

Miguel Hadchity

Hadchity writes, “The Lebanese people have been struggling to find a stable exchange rate for both the USD and the Lebanese Pound (Liras) since 2019. Accordingly, they had to find another universal stable currency to rely on, which is the Euro, to exchange their Liras in order to ensure that their money will not lose its value. And many Lebanese did so. Then, on Thursday, February 24, 2022, Russia invaded Ukraine, leading the EURO value to start dropping, creating another panic situation among the Lebanese who had exchanged their Liras and USDs for Euros.”

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Disclaimer: The views and opinions expressed in these articles are those of the author and do not necessarily reflect the position of the American Task Force on Lebanon, a non-profit, nonpartisan leadership organization of Lebanese-Americans.