Bloomberg

Lebanon's economic crisis is spinning out of control

Crowds queue at a local bakery in Beirut on June 27, 2020. Foto: Bloomberg photo by Hasan Shaaban

Lebanon's economic crisis is fast slipping out of control, driven by a currency collapse that's decimating businesses and plunging families into destitution.

While politicians and bankers trade blame on the airwaves, the country's pound has lost nearly 60% of its value on the black market in the past month, threatening to suck the economy into a hyperinflation spiral. Food prices are rising so fast that the army took meat off its menus last week. The state-controlled price of a bag of flatbread was raised by a third...

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