Lebanon's Economic Crisis Just turned For the Worst With The Central Bank Ending Fuel Subsidies

 

Arab News: Lebanese block roads after central bank puts brakes on fuel subsidies 

* Salameh’s move defended by economist, who says “he cannot use deposits that are part of the mandatory reserve” 

* Politicians slam decision by bank’s governor 

 BEIRUT: Angry Lebanese blocked roads across the country on Thursday, a day after the central bank said it could no longer afford to subsidise fuel imports below the black market rate. 

As the economy crumbles and Lebanon’s foreign reserves dwindle, the decision has been considered a de facto lifting of fuel subsidies. 

Confrontations with soldiers erupted in Tripoli amid a shortage of diesel to run private generators, which are only available on the black market at double the subsidized price. 

Protests also erupted around the house of Prime Minister-designate Najib Mikati in Tripoli.

Read more .... 

WNU Editor: Here is a sobering report on what life is now like for the average person in Lebanon .... 'Nothing left': in crisis-hit Lebanon bread too is scarce (France 24) 

More News On Lebanon's Economic Crisis  

Life grinds to a halt in Lebanon's blackouts -- Reuters  

Anger in Lebanon over central bank ending of fuel subsidies -- AP  

Life grinds to a halt in Lebanon as blackouts force hospitals, bakeries to shut or scale back operations -- ABC News Australia  

Electricity and transport become ‘luxury’ items overnight accelerating Lebanon’s economic tailspin -- CNN 

Lebanon: Politicians blast central bank for ending fuel subsidies -- Al Jazeera