Behind the Money
The ‘Ponzi scheme’ behind Lebanon’s economic collapse
Dec 13, 2023
Former head of Lebanon's central bank, Riad Salameh, is embroiled in scandal and accusations of embezzlement that contributed to Lebanon's economic collapse. The podcast explores the allegations, investigations, and the role of the political establishment in the crisis. It also discusses the potential consequences of Lebanon's war and the challenges faced in rebuilding the economy.
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Quick takeaways
- Lebanon's central bank governor, Riaz Salameh, is facing allegations of fiscal fraud and embezzlement, shedding light on the extent of corruption among government officials.
- Lebanon's economic collapse can be attributed to the unsustainable financial engineering under Salameh's tenure, which relied heavily on a pegged exchange rate system, resulting in a high debt-to-GDP ratio and eventual economic depression.
Deep dives
The Economic Crisis and Bribery Allegations
Lebanon's central bank governor, Riaz Salameh, is embroiled in financial allegations, including fiscal fraud and embezzling $330 million of public funds. The timing is significant, as Lebanon was facing an economic crisis while Salameh seemingly had an extravagant lifestyle. The allegations against him highlight the level of corruption in Lebanon's government officials.
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