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In the midst of all the crises, Lebanon is threatened by more financial difficulties to come as the Lebanese pound plunged further into the abyss.
The Lebanese lira fell against the dollar on Saturday when Prime Minister-designate Mustapha Adib resigned after his failed attempt to form a government.
The dollar traded slightly above LL 8,000 / USB on Saturday, after being “comfortably” stable for a time around LL 7,500-7,800 / USD.
The Lebanese currency went from being pegged at LL 1,500 / USD to approaching, as some reported today, LL 9,000 / USD.
With Adib gone, hopes for reforms to gain international support that will save Lebanon’s economic disaster have diminished. President Aoun has recently declared that if a government is not formed, “we will go to hell.”
Adib faced the same challenge as his predecessor, although it didn’t last as long as Diab; strong resistance from within the governing body to lead the country on the right path. Diab called it “corruption” in his speech announcing his resignation on August 10.
The resignation of two prime ministers in a matter of weeks is another record for Lebanon.
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