Berri Says ‘Haircut’ and Capital Control are ‘Dead’


Parliament Speaker Nabih Berri on Tuesday noted that proposals for a deposits haircut and capital control have been born dead.

“If things take their normal course, rescue will be possible, although it is not easy,” Berri said, according to his visitors.

“The laws need to be implemented on everyone, especially as to the issue of corruption, combating fund waste and issuing the needed laws, on the condition of not touching the money of depositors,” Berri added, reiterating that deposits are “sacred.”

Noting that “the financial gap estimated at around $59 billion cannot be covered with the money of depositors,” the Speaker said several steps can be taken, such as “combating corruption, putting an end to the waste of public funds, deducting from bank interests and pumping new liquidity after merging and purifying banks.”

“There are measures and ideas that even the International Monetary Fund cannot reject and they would therefore restore confidence and make the world see us in a different way,” Berri went on to say.



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