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March 08 - March 20, 2024 Lebanon Lebanon faces poverty trap as the elite 'sabotage' third recovery plan That is not proving to be the case for the third version of Lebanon's long-expected government economic recovery plan, aimed at addressing the country’s financial losses that exceed $70 billion and restructuring its insolvent banking sector. The stakes are high. For depositors, locked out of their savings, it will lay out the mechanisms of restitution. Except for some well-connected Lebanese, most have lost all their life savings. For the banks, it will determine which will survive and which will be forced into bankruptcy. It is also a condition to secure a much-needed $3 billion loan programme from the International Monetary Fund, a pre...