Lebanon is a severe case of subordinate financialization that must avoid the IMF
To me, the Lebanese crisis looks like, in the first instance, as a foreign exchange and international transactions crisis, a classic developing country crisis in the era of financialisation. As such it is closely connected to the country’s policy on the exchange rate. The fixed peg policy chosen by the Lebanese ruling class and operated by the central bank and the government for a long time, has proven destructive. The country’s economy is under great pressure because the strong pound has damaged Lebanese competitiveness on an international scale and facilitated the growth of domestic credit.