Introduction Lebanon's Current Economic Meltdown Is in Many Ways the Painful Consequence of a Patron-Client Political System
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UC Berkeley UC Berkeley Electronic Theses and Dissertations
UC Berkeley UC Berkeley Electronic Theses and Dissertations Title Constructing Resilience: Real Estate Investment, Sovereign Debt and Lebanon’s Transnational Political Economy Permalink https://escholarship.org/uc/item/0mm2c8d5 Author Tierney, Julia Publication Date 2017 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California Constructing Resilience: Real Estate Investment, Sovereign Debt and Lebanon’s Transnational Political Economy by Julia Tierney A dissertation submitted in partial satisfaction of the requirements for the degree of Doctoral of Philosophy in City and Regional Planning and the Designated Emphasis in Global Metropolitan Studies in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Teresa Caldeira, Chair Professor Ananya Roy Professor Michael Watts Professor Cihan Tugal Spring 2017 Constructing Resilience: Real Estate Investment, Sovereign Debt and Lebanon’s Transnational Political Economy Copyright 2017 by Julia Tierney Abstract Constructing Resilience: Real Estate Investment, Sovereign Debt and Lebanon’s Transnational Political Economy by Julia Tierney Doctoral of Philosophy in City and Regional Planning And the Designated Emphasis in Global Metropolitan Studies University of California, Berkeley Professor Teresa Caldeira In urban studies scholarship, Lebanon is often theorized on the frontiers of sectarian conflict as well as on the frontlines of neoliberalism. Entangling real estate investment, sovereign debt and transnational financial circulations from Arab Gulf investors and the Lebanese diaspora, managed by the Banque du Liban and scrutinized by the United States Treasury, the Lebanese political economy was – and still is – swayed by the fortunes of war. According to literature on the political economy of violence, profits are often made in times of war, a context appropriate to the civil war and postwar eras, during which spoils of war enriched the pockets of warlords-turned-politicians. -
Constructing Resilience: Real Estate Investment, Sovereign Debt and Lebanon's Transnational Political Economy by Julia Tierney
Constructing Resilience: Real Estate Investment, Sovereign Debt and Lebanon’s Transnational Political Economy by Julia Tierney A dissertation submitted in partial satisfaction of the requirements for the degree of Doctoral of Philosophy in City and Regional Planning and the Designated Emphasis in Global Metropolitan Studies in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Teresa Caldeira, Chair Professor Ananya Roy Professor Michael Watts Professor Cihan Tugal Spring 2017 Constructing Resilience: Real Estate Investment, Sovereign Debt and Lebanon’s Transnational Political Economy Copyright 2017 by Julia Tierney Abstract Constructing Resilience: Real Estate Investment, Sovereign Debt and Lebanon’s Transnational Political Economy by Julia Tierney Doctoral of Philosophy in City and Regional Planning And the Designated Emphasis in Global Metropolitan Studies University of California, Berkeley Professor Teresa Caldeira In urban studies scholarship, Lebanon is often theorized on the frontiers of sectarian conflict as well as on the frontlines of neoliberalism. Entangling real estate investment, sovereign debt and transnational financial circulations from Arab Gulf investors and the Lebanese diaspora, managed by the Banque du Liban and scrutinized by the United States Treasury, the Lebanese political economy was – and still is – swayed by the fortunes of war. According to literature on the political economy of violence, profits are often made in times of war, a context appropriate to the civil war and postwar eras, during which spoils of war enriched the pockets of warlords-turned-politicians. Yet as the effects of the Syrian conflict spill across the border, encumbering Lebanon’s long paralyzed politics, straining its already deteriorated infrastructure and intensifying uncertainty with punctuated bombings, certain sectors prosper not because of violence but in spite of it. -
As Lebanon's Central Bank Audit Crumbles, the Worst Is Yet to Come
As Lebanon's central bank audit crumbles, the worst is yet to come Houshig Kaymakamian, Al Arabiya EnglishWednesday 02 December 2020 Lebanon’s controversial central bank forensic audit fell apart last week, signaling that the worst may be ahead for the crisis-stricken country. Alvarez & Marsal, the company contracted by the Lebanese state to carry out the forensic audit of the central bank, also known as Banque du Liban, said it withdrew from the agreement two months after it was signed as it had not received the information from the central bank necessary to carry out its task, and it was not confident it would. Lebanon is in the midst of an economic and financial crisis, the worst since the end of the civil war in 1990. The local currency has seen more than 80 percent of its value against the dollar slashed, sending more than half the population into poverty as inflation rates sky-rocket. A forensic audit is a prerequisite for desperately needed international financial aid to flow into the country, specifically from the US and France and in order to re-kindle frozen negotiations with the International Monetary Fund for a bailout. Read more: No movement on French Lebanon roadmap or C. Bank audit: French Presidency The company’s withdrawal came as a surprise to Lebanese officials, as the outgoing Finance Minister Ghazi Wazni had announced a three-month extension on the contract earlier in November, promising that the requested information would be secured. “Set up to fail” “I think it [the contract] was set up to fail by design, and it speaks to the flagrant lack of political willingness in the country to investigate the [central bank],” Nafez Zouk, lead economist and emerging markets strategist at Oxford Economics told Al Arabiya English. -
Quagmire in Lebanon: Between Domestic Mismanagement and External Interference
Hirak Jyoti Das | 1 © Vivekananda International Foundation Published in 2021 by Vivekananda International Foundation 3, San Martin Marg | Chanakyapuri | New Delhi - 110021 Tel: 011-24121764 | Fax: 011-66173415 E-mail: [email protected] Website: www.vifindia.org ISBN: 978-81-952151-8-8 Follow us on Twitter | @vifindia Facebook | /vifindia Disclaimer: The paper is the author’s individual scholastic articulation. The author certifies that the article/paper is original in content, unpublished and it has not been submitted for publication/web upload elsewhere, and that the facts and figures quoted are duly referenced, as needed, and are believed to be correct Cover Image Source : Wikimedia Commons All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form, or by any means electronic, mechanical, photocopying, recording or otherwise without the prior permission of the publisher. Hirak Jyoti Das is a Research Associate at Vivekananda International Foundation and a doctoral candidate in Centre for West Asian Studies, Jawaharlal Nehru University, New Delhi. His doctoral research is titled, “Israel’s Security Predicaments since the fall of Hosni Mubarak regime in Egypt”. His research interests are India’s relations with Persian Gulf states, Domestic and foreign policies of Qatar and Kuwait, Israel’s security and arms policy, Israel’s domestic politics, Post-Arab Spring domestic and foreign policy of Egypt and the role of Islamic movements i.e. Hezbollah, Hamas and Islamic Movement -
Banking Sector 20
Lebanon: Collapse! Firouzeh Afsharnia & Joy Nasr June 2021 LEBANON: Collapse! Firouzeh Afsharnia & Joy Nasr www.TechnoPoltics.org, June 2021 1 www.TechnoPolitics.org - Email: [email protected], Tel: +1-202-735-1415 Lebanon: Collapse! Firouzeh Afsharnia & Joy Nasr June 2021 GLOBAL TECHNOPOLITICS FORUM The conclusions and recommendations of any Global TechnoPolitics Forum publication are solely those of its authors and do not reflect the views of the Forum, its management, board of advisors, donors, or scholars. This report is written and published in accordance with the Global TechnoPolitics Forum Policy on Intellectual Independence. The Global TechnoPolitics Forum is a (501C) (3) nonprofit educational organization with a mission to shape the public debate and facilitate global coordination at the intersection of technology and geopolitics. It achieves this mission through: convenings, research, and community building. Acknowledgements: Cover art credit: Firouzeh Afsharnia Copyrights: © 2020 The Global TechnoPolitics Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission in writing from the Global TechnoPolitics Forum, except in the case of brief quotations in news articles, critical articles, or reviews. Please direct inquiries to: Global TechnoPolitics Forum: [email protected] 2 www.TechnoPolitics.org - Email: [email protected], Tel: +1-202-735-1415 Lebanon: Collapse! Firouzeh Afsharnia & Joy Nasr June 2021 TABLE OF CONTENTS FORWARD 4 ACRONYMS