Lebanon is a country of wonders and miracles ranging from famous artists and singers like “Fayrouz” to brilliant poets and writers like Gibran khaleel Gibran and from magnificent nature to many scientists and inventors of Lebanese descent scattered in the world. Hence, one of the wonders of Lebanon is its firm and prosperous banking sector which contributes to turning Beirut into an important regional financial center and providing support and guarantee to the whole Lebanese economy.
The European Union and specifically the Euro zone have no good or interest in banishing (getting rid) of the unified currency called “Euro”. The Euro is an important sign of the unification of the economies of 17 European countries giving them more competitive advantage in comparison to many rising and developing nations in the world as well. Second, it is a better way for them to open up their borders for transfer of goods, services, labour, and skills among them. Then, this is a manner for those countries whether advanced like Germany, France and Holland for instance or less developed (with all respect) in Europe like some countries in Southern Europe to stay protected from both inflation and recession. These are some advantages of the Euro currency, which faces some challenges now and countries adopting it are trying to resolve the problem of accumulated public debt.
I do remember year 1990, the first day in my whole life as a 7 years old, to see the feeble light coming out of the old lamps in my house. That was a big deal, why? Because that was the day electricity was restored to my village after 15 years of bloody dark civil war.
Continue reading Lebanese Electricity Sector
Will Tunisian revolution in 2011 be like the French revolution (in 1789) that has contributed to the development in European social, political and economic reality?
It has been obvious and clear that Lebanese economy has surpassed local unstable political situation and the global financial crisis in the past years; thanks to the careful and smart monetary policy of the central bank (that avoided much investment in highly risky financial tools and kept away from giving loans without taking adequate guarantees and making enough assessment for each bank customer who requests a loan). The governor of the central bank, Riad Salami, has been rewarded an international prize because Lebanese banking management and system have been proved successful. Besides, Lebanon has been one of few countries in the world that has had an economic growth of 9% and 8% in 2008 and 2009 respectively.