UN chief says 'Ponzi plan' went down the Lebanon's finances -video - says video 'couldn't be the case' -video - and crashed it

UN chief says 'Ponzi plan' went down the Lebanon's finances -video - says video 'couldn't be the cas ...

Last month, August 22 - The U.S. Secretary-General said that its financial collapse was caused by something similar to the Ponzi scheme - a video of his trip to Beirut he said recently.

In a financial crisis of three years in a financial crisis starting in 2019 the financial system collapsed under the heavy weight of the massive government debt - the result of decades of corruption and poor governance and the unsustainable way it was financed.

The libyans compared the financial system to Ponzi schemes, according to a fresh borrowing scheme, and return the existing debt.

The central bank has denied that.

When I understand what has happened in Lebanon, the financial system collapsed.

The debt fell in the balance sheet. In the crash, a pound has lost 90% of its value and a saving company frightened out of its deposits into the paralysed bank reorganization.

Mike Azar, an expert on the Lebanese financial system, said that Guterres had expressed a similar view on Tuesday at a closed-door gathering between the U.N. and the members of the civil society.

A U.S. spokesperson said that the secretary-general's views on the financial crisis were "more fully expressed" at the news conference that he was on the second day of his visit.

After a news conference, Guterres said Lebanese leaders must convince the international community to support Lebanon by implementing reforms "in relation to the economic, social and political life of the country" and by taking a "credible economic recovery plan" for negotiations on an IMF support program.

This story clarifies the fact that a financial expert heard Guterres express a similar opinion at a separate meeting.

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