Last Thursday, the International Monetary Fund released a statement describing Lebanon’s situation as “very dangerous,” due to the government’s failure to implement reforms. For ordinary Lebanese, that means navigating a landscape that combines the volitivity of a crashing stock market with the horrors of a dystopian movie.
Lebanon’s ongoing political and economic crises took more dramatic turns last week, beginning with a sit-in inside parliament by some of the body’s members to protest the failure to elect a president, and continuing with extraordinary developments linked to the stalled inquiry into the August 2020 Beirut Port explosion.
On the sidelines of last week’s G-20 leaders’ summit, Argentina and China struck a deal to increase their currency swap program. By doing so, however, China is playing to the worst economic instincts of Argentina’s Peronist government, for which every economic problem can be solved by simply throwing yet another currency plan at it.