Lebanon holds first election since massive Beirut blast and financial collapse

Lebanon holds first election since massive Beirut blast and financial collapse


A voter casts her ballot in Beirut. The parliament that will be formed by Lebanon’s election is expected to vote on long-delayed reforms required by the IMF to unlock financial support for the stricken country.

Anwar Amro | Afp | Getty Images

Polls opened on Sunday in Lebanon’s first election since the country’s economic collapse, a test of whether Iran-backed Hezbollah and its allies can preserve their parliamentary majority amid soaring poverty and anger at ruling parties.

Following months of uncertainty over whether the election would go ahead, polls opened at 7 a.m. across 15 electoral districts.

Since Lebanon’s last election in 2018, the country has been rocked by an economic meltdown that the World Bank has blamed on the ruling class, and Beirut was shattered by a massive explosion at the port in 2020.

While analysts believe public anger could help reform-minded candidates win some seats, expectations are low for a big shake-up in a sectarian system which is skewed in favor of established parties.

Iran vs. Saudi Arabia

The 2018 vote saw the heavily armed Shi’ite movement Hezbollah and its allies — including President Michel Aoun’s Free Patriotic Movement (FPM), a Christian party — win 71 out of parliament’s 128 seats.

Those results pulled Lebanon deeper into the orbit of Shi’ite Muslim-led Iran, marking a blow to the influence of Sunni Muslim-led Saudi Arabia.

Hezbollah has said it expects few changes from the make-up of the current parliament, though its opponents — including the Saudi-aligned Lebanese Forces, another Christian group — say they hope to scoop up seats from the FPM.

Adding a note of uncertainty, a boycott by Sunni leader Saad al-Hariri has left a vacuum that both Hezbollah allies and opponents are seeking to fill.

As the vote neared, watchdogs warned that candidates would purchase votes through food packages and fuel vouchers issued to families hit hard by the financial collapse.

Nationals over the age of 21 vote in their ancestral towns and villages, sometimes far from home.

IMF aid

The next parliament is expected to vote on long-delayed reforms required by the International Monetary Fund to unlock financial support to ease the crisis.

It is also due to elect a head of state to replace Aoun, whose term ends on Oct. 31.

Whatever the outcome, analysts say Lebanon could face a period of paralysis as factions barter over portfolios in a new power-sharing cabinet, a process that can take months.



Source

Global bank stocks sell off as fears mount over bad loans
World

Global bank stocks sell off as fears mount over bad loans

LONDON – Nov. 5, 2020: Fog shrouds the Canary Wharf business district including global financial institutions Citigroup Inc., State Street Corp., Barclays Plc, HSBC Holdings Plc and the commercial office block No. 1 Canada Square. Dan Kitwood | Getty Images News | Getty Images Banking stocks across the globe sold off on Friday, as fears […]

Read More
Trump puts Russia on notice over Ukraine as two leaders prepare to meet
World

Trump puts Russia on notice over Ukraine as two leaders prepare to meet

Russian President Vladimir Putin watches with binoculars the Tsentr-2019 military exercise at the Donguz range near Orenburg city on September 20, 2019. Alexey Nikolsky | Afp | Getty Images Russia was an indirect beneficiary of the war in Gaza in that it distracted the U.S. and other Western countries from its ongoing war in Ukraine. […]

Read More
Credit concerns reach European markets as bank stocks slide 2.8%
World

Credit concerns reach European markets as bank stocks slide 2.8%

European markets traded firmly in the red on Friday morning as concerns over the banking sector reached the region. The Pan-European Stoxx 600 was 1.5% lower at 8:26 a.m. in London (3:26 a.m. ET), with all major indexes and sectors in negative territory. The U.K.’s FTSE index was 1.5% lower, France’s CAC 40 was down […]

Read More