Lebanon's Crisis Needs $20 Billion-$25 Billion Bailout

Lebanon needs a $20 billion-$25 billion bailout including International Monetary Fund support to emerge from its financial crisis, former economy minister Nasser Saidi told Reuters on Friday, Reuters reported. Lebanon’s crisis has shattered confidence in its banking system and raised investors’ concerns that a default could loom for one of the world’s most indebted countries, with a $1.2 billion (917.01 million pounds)Eurobond due in March. Lebanon’s politicians have failed to come up with a rescue plan since Prime Minister Saad al-Hariri quit in October after protests over state corruption. Depositors and investors say they have been kept in the dark about the country’s dire financial situation. Read more