Lebanon's Prime Minister, Hassan Diab, has indicated that 98% of the depositors’ money will not be affected by the proposed economic rescue plan.
The draft plan included a proposal that is the most detailed so far of the way Lebanon seeks to lift itself from a deep financial crisis, which has flooded its currency and led to default on sovereign debt. One of the politically difficult measures in the draft is a proposal "for an exceptional transient contribution from major depositors" to help cover the banking sector's losses, estimated at $83.2 billion.
In a televised speech, Diab sought to reassure the Lebanese, who are struggling with high prices, growing unemployment, and restrictions on the movement of capital that prevent them from saving, pledging that most of their deposits are safe.
He said: After the in-depth studies, and based on the figures coming back to the end of February 2020, I can announce today that the percentage of those who will not be affected will not be less than 98% of the depositors.
He pointed out that "all proposed solutions are discussed during the process of finalizing the plan," revealing that depositors' funds “evaporated" in the months before the formation of the government on January 21, stating that no one will lose his deposits, but when they recover them will depend on the restructuring plan.
Source (Al-Arabiya.net website, Edited)
