BEIRUT (AP) — Lebanon’s Cabinet on Friday approved a draft law to determine the extent of losses suffered by Lebanese banks during the country’s financial meltdown in 2019 and provide a mechanism to return depositors’ funds that were wiped out at the time.
The financial collapse, which wiped out billions in savings and left many unable to access their funds, was part of a fiscal crisis that followed decades of corruption, financial mismanagement and nefarious profiteering.
