A thread on #Lebanon's rapidly accelerating economic collapse as the hyperinflation drives the lira above 9,000 at a rate of 471%/yr up from 1,500 in September (surpassing Zimbabwe). Most Lebanese's savings are gone, food prices are climbing and many are already going hungry.

Less than a week ago the lira was at 7,000 on the black market, the syndicate of exchangers have been mandated by the government to not go over 4,000, but everyone who has dollars is going to exchange every few days at the black market rate, otherwise basic goods are unaffordable

The middle class has lost two-thirds of it's purchasing power, throwing a large portion of the population (World Bank estimates nearing 70%) below the poverty line. Now many more don't have work, they aren't able to pay rent, or buy food.

For those that were already below the poverty line, earning less than $4/day, the outlook is bleak. Talking with families in Tripoli and Bekaa the past few weeks, all of their fridges were empty, they're surviving off bread and tea - that was when the Lira was 6,000 to 1 USD.

So while a large portion of the population teeters on starvation, the government has yet to put forth any plan on how to save the spiraling economy. The gov says the IMF will give a loan, but the IMF says they haven't even seen the gov's plan, & no guarantee aid is coming.

Meanwhile other political leaders, who are warlords that function as feudal lords over their areas (both geographically, and economically as every industry from telecom to energy has been divided up) continue with inaction, their corruption like a parasite eating its host alive.

Some leaders say China will come and invest and save the country, declaring the notion as some detailed plan to stave off disaster. The reality is a bailout is unlikely - Lebanon needs government that will put self-interest & sectarian divisions aside and work to help the people.

As I write this many places across Lebanon have had power cut for over 20 hours, some of the generators that normally make up for those cuts don't have fuel anymore, so we just sit in the dark until the power comes back.

For more updates and further insight I recommend following the excellent reporting of @LunaSafwan and @timourazhari, both have a solid finger on the pulse here and the rapidly changing situation.