Lebanon banks reject rescue plan as government asks IMF for help

Lebanon banks reject rescue plan as government asks IMF for help

"As laid out in the Plan, the domestic (bank) restructuring will further destroy confidence in Lebanon both domestically and internationally .... A central plank of the plan rests on covering financial sector losses of roughly $70 billion in part by a bank shareholder bail-in that would wipe out their capital and cash from large depositors that would be restored later.. A source close to the banking sector said the IMF was likely to consult the banks on the rescue plan before moving forward.. The source said the association was planning to present a plan of its own to the government in one to two weeks.. The rescue plan, which calls for an additional $10 billion in external support over five years, also forms the backbone of talks with foreign bondholders that have to start after Beirut defaulted on $31 billion in Eurobonds in March.. Terrorist attack in Sinai leaves Egyptians in mourning /node/1668296/middle-east. Egypt has been fighting a low-level terrorist insurgency in the Sinai region which sometimes spills into the major cities.. Saudi Arabia reaffirms its support for Egypt in its war against terrorism. News of the attack, in which an explosive device detonated under an armored vehicle