Depositors Storm Banks Across Lebanon

Facts

• On Fri., Lebanese depositors reportedly stormed at least eight banks throughout the country seeking access to their own money frozen in the banking system as the country's financial crisis continues to deepen.
• In response to what pro-depositors groups called "the depositors' uprising", Lebanese banks announced a three-day closure next week due to security concerns, and requested the government to pass laws to solve this crisis.
• Lebanese authorities, who suspended talks on the 2022 budget on Fri., have so far failed to complete pre-requisites to access $3B from the International Monetary Fund.
• These violent incidents come amid a recent string of raids on banks, including one that was live-streamed on Wed. by a woman who demanded her savings and managed to withdraw $13K from the bank.
• Depositors have been locked out of much of their savings as banks have frozen accounts and put limits on withdrawals since the country spiraled into a severe economic crisis in late 2019.
• While the Lebanese pound is officially pegged at 1.5K to the dollar, it has been traded at 38K on the parallel market.

Sources: Al Jazeera, Reuters, Middle East Monitor, Improve the News, and National News.

Narratives

• Narrative A, as provided by Al Jazeera. These people are heroes, and their actions represent the frustrations of an entire nation that has been deprived of its savings for nearly three years. As millions of Lebanese have been thrown into poverty by corrupt politicians and bank owners, such desperate measures are a form of retribution for this injustice.
• Narrative B, as provided by FDD. While the depositors' actions may seem noble to some, they, like many others inside and outside Lebanon, are blaming the wrong people. It's the outside influence of Iran, as well as Hezbollah, that has pushed Lebanon to the brink, and the Lebanese people must acknowledge this to truly move forward and fix their country.