30 October 2019
Lebanese Prime Minister Saad Hariri (in picture) is facing the country’s largest protests in 14 years. Banks, schools and universities have been shut as a cross-section of society called for the whole government to go. Mr al Hariri, 49, took up his post in December 2016. He was also Lebanon’s prime minister between November 2009 and June 2011.
Protesters include members from across Lebanon’s 18 religious sects. He announced his intention to resign from his position on Tuesday, nearly two weeks after mass anti-government protests that have gripped the Middle Eastern country of 6 million.
Lebanese dollar bonds fell on the news, with yields exceeding 30%, according to Reuters. The country’s banks announced they would remain shut on Wednesday, the ninth working day of nationwide bank closures, deepening fears of a cash crisis and a chaotic run on the banks when they eventually reopen.
“I have reached a dead end today,” Hariri said from Beirut, as he appealed to all Lebanese to “protect civil peace.” He addressed the country’s political parties, saying it is “our responsibility to protect Lebanon.” He added that political positions come and go, but that the dignity and safety of the country was more important.
CNBC.com reported