Lebanon: Protesters Vandalize Banks, Demand Their Money Back

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Facts

  • Protesters in Lebanon vandalized several banks in the Beirut suburb of Sin el-Fil on Thursday, setting fire to tires and destroying windows as depositors demand access to savings they have been locked out of for almost four years.1
  • Bank Audi, Bank of Beirut, and Byblos Bank were all targeted. Protesters at the scene demanded the return of their money and called for officials accused of being involved in corruption, including the central bank Governor Riad Salameh, to be held accountable.1
  • Soldiers and internal security forces were deployed to several other banks throughout the city due to concerns over similar demonstrations elsewhere. A protest also occurred in front of the Al-Amin Mosque in downtown Beirut.2
  • Hassan Moghnieh, head of Lebanon’s Depositors Association, told Arab News that his group didn't participate in protests due to the current political situation, as he said that his group didn't want to seem politically motivated.2
  • The protests come only a day after the Lebanese parliament failed for the 12th time to elect a new president, with the powerful Iranian-backed political party and armed group Hezbollah supporting Suleiman Frangieh and Lebanon's major Christian parties supporting Jihad Azour.3
  • 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. Since then, the Lebanese pound has lost over 98% of its pre-crisis value, and about 80% of the population now lives in poverty.4

Sources: 1Al Jazeera, 2Arab News, 3France 24, and 4Reuters.

Narratives

  • Narrative A, as provided by Al Jazeera. These depositors recouping their funds are heroes, and their actions represent the frustrations of an entire nation deprived of its savings for nearly four years. As millions of Lebanese have been thrown into poverty by corrupt politicians and bank owners, 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. The Lebanese people must acknowledge this to truly move forward and fix their country.

Predictions