20 December, 2014 AsiaNews.it Twitter AsiaNews.it Facebook            

Help AsiaNews | About us | P.I.M.E. | | RssNewsletter | Mobile





mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato
e-mail this to a friend printable version


» 08/14/2012
LEBANON
Maronite Church warns that Lebanon might collapse economically by 2016 like Greece and Italy
by Fady Noun
Bishops warn the country that a runaway national debt could lead to bankruptcy like in Greece, Italy and Latin America. Energy company crisis represents 65 per cent of annual public debt.

Bkerke (AsiaNews) - In the middle of a regional crisis due to the Syrian conflict, burdened by its own political and security challenges, Lebanon faces even worse problems, a Greek-style economic meltdown by 2016, Maronite bishops said in an appeal to government leaders and the population that includes an analysis of the country's economic situation that does not seem to get the attention it needs.

The statement, issued on 1 August, warns against the state's "economic collapse" by 2016, similar to what is occurring in Greece and Italy as well as in some Asian and Latin American nations whose consequences could be very serious.

As an appeal, the statement by Maronite bishops is especially important. It is a special declaration that the Church hopes will be heeded.

The fact that the Catholic Church is behind the economic analysis is not unimportant. Citing John Paul Ii and Redemptor Hominis, the statement says that "man is the way for the Church" and that everything that touches him, in this case his material wellbeing and social situation, does not leave the Church indifferent.

Some might complain about such a stark warning, which will undoubtedly draw the attention of investors, but the latter are not asleep and it is appropriate to recognise that "to govern is to foresee."

Lebanon's dual problem

The statement noted that the country is facing two major socio-economic problems, an energy crisis and the debt problem.

The first is not specific to Lebanon, but affects the entire world, and is caused by unstable oil prices. This is affecting the country's electrical supplies and the competitiveness of its manufacturing, agriculture and service sector. Natural and man-made disasters are an additional challenge. Output flows are also affected by regional conflicts.

The chronic deficit problem at Electricité du Liban (EDL) represents 65 per cent of the country's annual deficit.

However, Lebanon's main problem is the national debt and the need to service it. This cuts into the amount of funds available for productive investments.

Some experts are saying that by 2016 the public debt could reach US$ 80 billion. Lebanon would face major financial difficulties given the ratio between servicing the debt and gross domestic production (GDP).

The bishops' appeal speaks of a "collapse" similar to that of nations richer than Lebanon, like Italy and Greece.

To avoid that danger, the statement calls for a number of measures, such as the creation of a special fund to manage the public debt, stronger ties between the public and the private sectors, as well as better tax and fee collection, etc.

At the same time, the appeal urges the banking sector, whose strength is a matter of national pride, to remain vigilant and rational in extending credit to the state, so as not to undermine personal savings, and avoid the sovereign debt crisis that affects some Asian and Latin American nations.


e-mail this to a friend printable version

See also
11/08/2007 LEBANON
Bishops invite Parliament to save Lebanon, by electing a President
09/19/2007 LEBANON
Maronite bishops: deputies must not boycott presidential elections
by Youssef Hourani
09/07/2006 LEBANON
Presidency and Hezbollah's weapons are top issues that need solving, say Maronite bishops
09/06/2006 LEBANON
The Christian exodus and Lahoud's fate central to Maronite bishops' appeal
by Yousef Hourany
12/27/2007 LEBANON
Concerns over ongoing crisis spoils Christmas for Lebanese

Editor's choices
IRAQ - VATICAN
As 'Adopt a Christian from Mosul' continues, Mosul bishop notes that Jesus is born amid refugee containers
by Amel NonaPersecuted by the Islamic state, refugees have lost everything: belongings, home, jobs, school, and their future. Yet, their faith and mission remain strong. For them, almost 900,000 euros have been raised and sent. Pope Francis sends a message of closeness. The campaign continues according to the Patriarch of Baghdad's proposal of fasting and moderation at Christmas and New Year, with the money saved offered to the Christians of Mosul.
IRAQ
Chaldean Patriarch calls for fasting on Christmas Eve for refugees' return to Mosul
by Joseph MahmoudMar Louis Sako calls on the faithful not to celebrate Christmas and New Year in a "worldly" fashion, with pomp and abundance, out of solidarity with the people who fled the Nineveh plains, persecuted by the Islamic Army. AsiaNews is joining the fast proposed by the Patriarch and calls on all readers to give what they would have otherwise spent in support of the campaign 'Adopt a Christian from Mosul'.
IRAQ - ITALY
Letter from Archbishop of Mosul: Thank you for your aid, supporting the plight of refugees
by Amel NonaThe donations made through the "Adopt a Christian from Mosul" campaign are used to buy food, warm clothes, blankets for refugees and rent houses or caravans given the early onset of winter and. Two women have defended their Christian faith before the Islamist militants who wanted to convert them, despite the threat of death. A refugee among refugees, Msgr. Nona discovers a new way of being a pastor.

Dossier

by Giulio Aleni / (a cura di) Gianni Criveller
pp. 176
Copyright © 2003 AsiaNews C.F. 00889190153 All rights reserved. Content on this site is made available for personal, non-commercial use only. You may not reproduce, republish, sell or otherwise distribute the content or any modified or altered versions of it without the express written permission of the editor. Photos on AsiaNews.it are largely taken from the internet and thus considered to be in the public domain. Anyone contrary to their publication need only contact the editorial office which will immediately proceed to remove the photos.