Lebanese Finance Minister: If the crisis continues we will reach bankruptcy

One of the protesters climbs up to the statue of the martyr to protest the deplorable conditions

The new Lebanese Minister of Finance, Ghazi Wazni, said that the financial and monetary crisis that Lebanon has not witnessed "since its birth" needs the support of both home and abroad.

He said in a television interview that if this crisis persists we will "get to bankruptcy," noting that Lebanon is living in economic contraction and that the government must devise a comprehensive rescue plan or program in order to restore confidence.

He added that the eurobond maturity of the "European bonds" after two months "and the government must take a decision on it."

He made it clear that Lebanon would face a major problem if the government did not receive support from abroad.

The Prime Minister-designate Hassan Diab had announced the formation of the new government consisting of 20 ministerial portfolios, which came after more than a month of stalled negotiations, amid popular demonstrations that continued to reject the principle of quotas in the government.


He continued: "We have come to form the first government in the history of Lebanon in which it meets distinct specifications to meet exceptional circumstances, and with record speed."