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Banks Still Killing Lebanon
"Flow" adjustment is long since over. Five years after the onset of crisis, Lebanon has already undergone massive macro adjustment, with a collapse of economic activity, the elimination of fiscal and external imbalances, unification of the FX regime and the end of monetization.
But there's still no resolution on "stock" overhangs. Unfortunately there can be no true recovery until the country finally defaults on ... everything, i.e., the entire stock of dollar-denominated financial liabilities in the system, and just starts again. And five years after the onset of crisis, there's still no political will to take this radical step. We're not holding our breath.
Banks Still Killing Lebanon (PDF)
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