Financial matters have returned to square one, as banks announced a strike starting next Tuesday in protest against court decisions that they described as "arbitrary." The banks stated in a press release, "The judicial decisions are inconsistent; they allow borrowers to repay loans at a minimal cost, given that the Lebanese lira has lost 98% of its value during the financial collapse in the country, while banks are forced to pay in foreign currency." The statement added, "For the thousandth time, banks do not print currencies."
Quickly, the "Depositors' Front" condemned the decision and rejected the strike altogether, calling it "destructive to the national economy in general and to the rights of depositors in particular." The Front urged banks to "immediately revert their strike decision for the sake of the country and the citizen."
Before the strike was announced, the head of the Arab Unity Party, Wiam Wahhab, revealed that "there are serious discussions among banks about declaring bankruptcy, which means a massive collapse." He noted in a statement via social media that "urgent intervention is needed and the state must take responsibility for its debts before declaring total ruin. A warning in hopes that someone will listen."
On the presidential front, while the presidential topic was absent from the speech of Hezbollah's Secretary-General Hassan Nasrallah, a leading source in the Marada Movement revealed to "Warda" that presidential candidate Sleiman Frangieh will hold a press conference next week. The source declined to go into details but confirmed Frangieh would announce his complete vision regarding the issues at hand, particularly the presidential elections.
Prime Minister Najib Mikati affirmed after meeting with the Armenian Catholic Patriarch that the key to solving the issue remains political, through the election of a new president for the republic as soon as possible. In the meantime, Maronite Patriarch Bechara Al-Rahi emphasized the "necessity of respecting the power-sharing between Lebanese, asserting that Lebanon will not be Lebanon without this partnership." He also stressed the need for equality in citizenship based on cohabitation and the implementation of the Taif Agreement, which was established to preserve the diversity of the Lebanese entity.
