As cash runs short at Lebanon's banks, so has the patience of depositors. H...
BEIRUT - As cash runs short at Lebanon’s banks, so has the patience of depositors. Hit by restrictions on withdrawals, some are taking extreme steps, occupying branches and in one case taking an employee hostage, to squeeze what they can from their accounts.
Since protests directed at the country’s elite erupted on Oct. 17, commercial banks seen as bearing part of the blame for the crisis have been targeted, including in late-night riots which left bank facades smashed and ATMs destroyed in Beirut’s Hamra district. “It’s like a snowball, growing each day,” said a security source. “It’s starting to reach a choking point and people are suffocating.”
When another bank in Sidon refused to cash Mostafa al-Bitar’s check this month he returned with his company’s forklift and two trucks and blocked its entrance. The branch manager cashed the check.A heavier police presence and a hotline for bank employees to call in rapid support from security forces implemented after the unrest began has done little to deter outraged depositors.Protesters on Jan.
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