Is Lebanon’s once highly touted financial sector rescuable? – AMEinfo

Is Lebanon’s once highly touted financial sector rescuable? – AMEinfo

An economic rescue plan will form the basis of Lebanon's talks with the International Monetary Fund (IMF). The responsibility lies squarely on the shoulders of the executive branch to take the appropriate decisions to restore confidence. Earlier in May, an economic rescue plan that will form the basis of Lebanon's talks with the International Monetary Fund (IMF) was panned by banks as one that would "further destroy confidence" in the country, quoting Reuters.. The rescue plan, approved by Diab's government, sets out tens of billions of dollars in financial sector losses and tough measures to claw out of a crisis that has seen the currency crash, unemployment soar, Lebanon default on its sovereign debt and street protests.. But banks intend to regain this trust and are opposed to a haircut on any deposit account as their mission is to protect the money of depositors.. Amid the developments, it is normal that confidence in the banking sector gets affected, as banks are a key part of the Lebanese economy and are the most affected stakeholder of the Lebanese economy by developments, due to the fact that it is the only sector that lends to the entire economy.. Ghobril: For