Lebanon's PM-Designate Hariri Abandons Efforts To Form A New Government

CNBC: Lebanon’s Hariri gives up on government formation, throwing the country into further chaos

* The World Bank has called Lebanon’s economic crisis one of the worst in modern history.

* Its lira is now 20,000 to the dollar on the black market, having lost more than 90% of its value this year.

* There are currently no apparent alternatives to fill Hariri’s position, leaving little prospect of a turnaround for the country’s devastated economy.

Lebanese politician and former Prime Minister Saad Hariri gave up on his mandate to form a government for the crisis-rocked country on Thursday, sending Lebanon into yet deeper chaos as its beleaguered currency hits its lowest level ever.

After nearly nine months of failed negotiations to form a cabinet with his counterpart, Lebanese President Michel Aoun, Hariri stepped down from his role as prime minister-designate.

There are currently no apparent alternatives to fill Hariri’s position, leaving little prospect of a turnaround for the country’s devastated economy.

“It is clear we will not be able to agree with his excellency the president,” Hariri told reporters after a meeting with Aoun that lasted less than 20 minutes.

“That is why I excuse myself from government formation.”

href="https://www.cnbc.com/2021/07/15/lebanons-hariri-gives-up-on-government-formation-deepening-crisis.html">Read more ....

WNU Editor: The country cannot even pay or feed their soldiers .... Lebanon’s army needs $100 million immediately for soldiers’ basic needs, general says (CNBC).

More News On Lebanon's PM-Designate Hariri Abandoning Efforts To Form A New Government

Lebanon's PM-designate steps down after months of deadlock -- AP

Lebanon's PM-designate Hariri abandons effort to form new government -- France 24

Lebanon's PM-designate quits over deadlock on cabinet line-up -- BBC

Lebanon's Hariri steps down as prime minister-designate pushing crisis-ridden country further into uncertainty -- CNN

Hariri Announces Resignation, Says 'May God Help the Country' -- Naharnet

Lebanon: PM-designate Saad Hariri resigns as crisis escalates -- Al Jazeera

Lebanese president defies U.S. and French pressure, rejects new government -- Axios