Lebanon Premier Touts Default and Promises Currency Intervention

Lebanese Prime Minister Hassan Diab blamed “criminal” currency manipulation for the unraveling of the country’s decades-old peg as he touted his cabinet’s achievements despite an unprecedented financial crisis, Bloomberg News reported. Flanked by his entire cabinet during a televised speech on Thursday, Diab criticized what he said were years of neglect and mismanagement on the part of the state, saying his own government -- in place since January -- was on the path to restoring confidence in Lebanon. The monetary authority will intervene in the local foreign-exchange market to stabilize the pound, he said. “The central bank governor has made a vow to intervene in the exchange market starting today to protect the Lebanese pound and stem the rise in the price of the dollar,” Diab said in a televised speech on Thursday. Read more