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I find the draft government rescue plan remarkable as the opening act in what will be a long saga. Kudos to our top civil servants and Lazard for putting all the key issues on the table with courage. 1/4
The plan is honest: Total losses are put at $82 billion. There is no escape: the bill needs to be mostly paid by Lebanese citizens in taxes, reduced wages, pensions, services, and haircuts. If we don't, the bill only grows larger. This is the largest debacle in history. 2/4
If you think that the plan is unrealistic given our politics, then can we afford to keep the same political elite in power? To start with: $63 billion of the losses come from BdL. Can anyone even consider keeping the same management team to restructure the banking system? 3/4
The plan's sequencing/figures are indicative & will be harshly negotiated by all: but the real constraints, tools & endpoint are here for all citizens to see. We need all the external help, esp. IMF. This is no longer M. Ghanem speculating w/ late night experts but real stuff!4/4
