Hezbollah Scolds Banks in Lebanon's Latest Brush With Crisis

From retired soldiers fighting for their pensions to striking central bank staff, few in Lebanon feel they’ll be spared what the government is touting as the most austere budget in their country’s history, Bloomberg News reported. One of the world’s most indebted nations has little time to spare after decades of fiscal overreach and mismanagement of public finances. But the cabinet is only expected to approve a much delayed budget on Monday, according to Industry Minister Wael Abu Faour, the same day that a $650 million Eurobond matures and more than three months after a new government was formed. As the clock ticks down, widespread public pushback shows that fixing state finances will come at a steep political cost -- and risk further unsettling investors whose support Lebanon will need to repay the debt coming due this month and later this year. Read more