Financial meltdown – GulfToday

Financial meltdown – GulfToday

Bassam al-Shaikh Hussein became an instant hero a week ago when he entered the Federal Bank of Lebanon with a hunting gun and a jerrycan of petrol to demand his deposit of $210,000 and held staff and a customer hostage for seven hours. As he paced the floor, shouted, “Give me my money back..I’m running out of time.” He threated to burn the bank and kill everyone but promised to end the siege if $30-35,000 was released to his brother. He is a desperate man who urgently needs thousands of dollars to pay for his father’s medical treatment. He is unable to withdraw the needed sum because his entire deposit has been blocked by the bank since the country’s financial melt-down began in 2019. Although withdrawals are meant to be approved for emergencies, his application was not only denied but he has also been unable to withdraw the permitted $400 in dollars and $400 in Lebanese Liras for two months. As the scenario unfolded, hundreds of Lebanese, equally angry at their banks, gathered outside the Hamra Street Federal Bank branch in West Beirut and cheered Hussein. Social media posts lauded him and prompted people to join the throng. The bank