The World Bank has described the collapse of Lebanon’s economy as likely to be one of the top three economic calamities to strike any nation for the past 170 years.
The magnitude of the economic depression the country is experiencing, with no clear path out, has caused a significant social crisis. Three-quarters of the population is below the national poverty line.
Drivers sit for hours in the hope of finding scarce fuel; citizens are banned from withdrawing their savings from the banks; the electricity system has stopped working; the currency has lost almost all its value; and hyperinflation has sent the price of some foods soaring by 1000 per cent.
Today on Please Explain, Europe correspondent Bevan Shields joins Nathanael Cooper to look at what led the country to this point and what it is like on the ground there.
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