Tuesday, 5 February 2008

IMF report

The Daily Star quotes a glowing report on the Lebanese economy by the International Monetary Fund (IMF):

"Lebanon's ability to navigate rough waters is not fortuitous. Despite the large debt overhang and external vulnerabilities, investors and depositors, at present, are comforted first and foremost by the perception of an implicit guarantee from donors, but also by Lebanon's track record of zero default, and the country's large liquidity cushion."

See below for the reality behind this success.

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