The chief of the UN says 'Ponzi scheme' crashed the Lebanon's finances -videos are made available

The chief of the UN says 'Ponzi scheme' crashed the Lebanon's finances -videos are made available ...

BeIRUT, Dec 22, - The United States Secretary-General, Antonio Guterres said the collapse of financial resources in Lebanon was caused by a "magnetic scheme" video and comments made by him at Beirut this week.

Lebanon is a third year of economic meltdown that began in 2019 when the financial system collapsed under a large deficit, a result of massive government debts and decades of corruption and mismanagement, and the way it was financed.

The government critics compares the system to Ponzi, based on fresh borrowing and the need to return the existing debt.

The central bank denied that.

"Where do I understand what happened in Lebanon is that Lebanon used something similar to Ponzi schemes, which means that all the activities of the financial system have collapsed together, together with of course corruption and other, probably, forms of stealing," Guterres said in the video circulated on social media.

With the crashed car accident, the Lebanese pound lost more than 90% of its value and savedrs became frozen out of the paralysed bank.

Mike Azar, a petty expert on the Lebanese financial system, said Guterres expressed similar views on Tuesday at a closed-door meeting between the U.S. and the civil society.

A U.N. spokesperson asked the Reuters report and said the comments were "more fully explained," and his views regarding the financial crisis were expressed at the news conference in which the Secretary-General hosted a news conference the following evening.

In this news conference, Guterres said that Lebanese leaders should convince the international community to support Lebanon by implementing reforms "in relation to the economic, the social and the political lives of the country" and by adopting a "credible economic recovery plan" for talks for an IMF support program.

(This story also clears up in its entirety, so that financial expert heard Guterres express similar opinions at a separate meeting)


You may also like: