Lebanon Currency Hits New Low After Vote, Crisis Deepens

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Lebanon’s currency hit a new low Tuesday as deep divisions within the newly elected parliament raised concerns that political paralysis could further exacerbate one of the worst economic meltdowns in history, the Associated Press reported. The legislature elected May 15 showed no clear majority for any group and a fragmented and polarized parliament divided between pro- and anti-Hezbollah lawmakers. The sides will likely find it difficult to work together to form a new government and enact desperately needed reforms. Among those elected to the 128-member parliament were 13 independents. They took part in the protest movement against Lebanon’s entrenched political class blamed for the crisis rooted in decades of corruption and mismanagement. This sets up a potential clash in parliament between the two camps, raising concerns of a protracted deadlock to form a new Cabinet desperately needed to resume negotiations with the International Monetary Fund over a bailout program. Read more.