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Lebanon Economy

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NEWS
October 24, 1992 | From Associated Press
Lebanese rushed Friday to convert their savings from dollars into Lebanese pounds, buoyed by expectations that a billionaire appointed to be prime minister will revive Lebanon's war-shattered economy. Rafik Hariri, named to the post Thursday, began consulting with former heads of government about the makeup of a new Cabinet that he is expected to announce next week. Hariri, 49, built much of his $2.5-billion fortune in Saudi Arabia and enjoys a tight friendship with the Saudi royal family.
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NEWS
October 24, 1992 | From Associated Press
Lebanese rushed Friday to convert their savings from dollars into Lebanese pounds, buoyed by expectations that a billionaire appointed to be prime minister will revive Lebanon's war-shattered economy. Rafik Hariri, named to the post Thursday, began consulting with former heads of government about the makeup of a new Cabinet that he is expected to announce next week. Hariri, 49, built much of his $2.5-billion fortune in Saudi Arabia and enjoys a tight friendship with the Saudi royal family.
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NEWS
April 15, 1988
Lebanon's labor unions rejected the government's offer of a 75% pay raise and called for a two-day strike over wages and prices. The General Labor Federation, with 250,000 members, said the stoppage will start today unless the government approves its demand for a 310% pay increase, which it said is needed to match the country's inflation rate over the last six months. Under the government offer, the pay boosts would be retroactive to Jan. 1.
NEWS
September 23, 1990 | NICK B. WILLIAMS Jr., TIMES STAFF WRITER
Troubled Lebanon has been pushed to the back burner by the Persian Gulf crisis but still feels its heat. Fear of instability has sent the currency reeling, halving its value against the dollar since the Iraqi invasion of Kuwait. Lebanese President Elias Hrawi's hopes of persuading Syria to back a military move against Maj. Gen. Michel Aoun, the Christian strongman, have been put on hold.
NEWS
January 4, 1987 | From Reuters
Long lines formed outside bakeries in both Christian East Beirut and Muslim West Beirut on Saturday as a shortage of bread added to the problems of war-weary Lebanese. Economy Minister Victor Kassir told a news conference the crisis is a mystery. He said adequate supplies of flour are being produced, "but these supplies vanish in a magic way, and we do not know who is preventing the flour from reaching the consumer."
NEWS
May 5, 1987 | CHARLES P. WALLACE, Times Staff Writer
The increasing burden of Lebanon's political and economic misery led Monday to the resignation of Rashid Karami, the country's once perennially optimistic premier. Karami, a 66-year-old Sunni Muslim from the northern Lebanese city of Tripoli, told reporters in Beirut that he is resigning his post "in the interest of the nation."
NEWS
August 29, 1987 | Associated Press
Rioters including children and militia gunmen smashed windows of supermarkets and money exchanges in Shia Muslim slums Friday, the second day of protest against soaring prices in Lebanon. Rioters carrying automatic rifles and rocket-propelled grenades joined others in setting tires ablaze on the highway to Beirut airport, blocking traffic for four hours. Most of the attacks were in the Ghobeiry and Bir Hassan districts near the highway in south Beirut.
NEWS
April 4, 1987 | CHARLES P. WALLACE, Times Staff Writer
They emerge from their homes at dawn, when the neighbors are still asleep but there is enough light to forage through the garbage. Mostly elderly, the newest members of Lebanon's scavenger army are surprisingly well dressed, Beirut residents say. These aren't poor refugees picking out a living in strange neighborhoods, but former members of the middle class who can no longer afford to eat. They rise in the dark because they are still too proud to scavenge in broad daylight.
NEWS
September 23, 1990 | NICK B. WILLIAMS Jr., TIMES STAFF WRITER
Troubled Lebanon has been pushed to the back burner by the Persian Gulf crisis but still feels its heat. Fear of instability has sent the currency reeling, halving its value against the dollar since the Iraqi invasion of Kuwait. Lebanese President Elias Hrawi's hopes of persuading Syria to back a military move against Maj. Gen. Michel Aoun, the Christian strongman, have been put on hold.
NEWS
January 24, 1986 | Associated Press
President Amin Gemayel's forces Thursday fought tank and artillery battles with Syrian-backed militias near the Christian president's mountain stronghold northeast of Beirut. Fears of a bloody new round of fighting in the 11-year-old civil conflict sent the Lebanese pound to record lows against foreign currencies, and one banker said the country is rapidly approaching total economic collapse.
NEWS
April 15, 1988
Lebanon's labor unions rejected the government's offer of a 75% pay raise and called for a two-day strike over wages and prices. The General Labor Federation, with 250,000 members, said the stoppage will start today unless the government approves its demand for a 310% pay increase, which it said is needed to match the country's inflation rate over the last six months. Under the government offer, the pay boosts would be retroactive to Jan. 1.
NEWS
August 29, 1987 | Associated Press
Rioters including children and militia gunmen smashed windows of supermarkets and money exchanges in Shia Muslim slums Friday, the second day of protest against soaring prices in Lebanon. Rioters carrying automatic rifles and rocket-propelled grenades joined others in setting tires ablaze on the highway to Beirut airport, blocking traffic for four hours. Most of the attacks were in the Ghobeiry and Bir Hassan districts near the highway in south Beirut.
NEWS
May 5, 1987 | CHARLES P. WALLACE, Times Staff Writer
The increasing burden of Lebanon's political and economic misery led Monday to the resignation of Rashid Karami, the country's once perennially optimistic premier. Karami, a 66-year-old Sunni Muslim from the northern Lebanese city of Tripoli, told reporters in Beirut that he is resigning his post "in the interest of the nation."
NEWS
April 4, 1987 | CHARLES P. WALLACE, Times Staff Writer
They emerge from their homes at dawn, when the neighbors are still asleep but there is enough light to forage through the garbage. Mostly elderly, the newest members of Lebanon's scavenger army are surprisingly well dressed, Beirut residents say. These aren't poor refugees picking out a living in strange neighborhoods, but former members of the middle class who can no longer afford to eat. They rise in the dark because they are still too proud to scavenge in broad daylight.
NEWS
January 4, 1987 | From Reuters
Long lines formed outside bakeries in both Christian East Beirut and Muslim West Beirut on Saturday as a shortage of bread added to the problems of war-weary Lebanese. Economy Minister Victor Kassir told a news conference the crisis is a mystery. He said adequate supplies of flour are being produced, "but these supplies vanish in a magic way, and we do not know who is preventing the flour from reaching the consumer."
NEWS
January 24, 1986 | Associated Press
President Amin Gemayel's forces Thursday fought tank and artillery battles with Syrian-backed militias near the Christian president's mountain stronghold northeast of Beirut. Fears of a bloody new round of fighting in the 11-year-old civil conflict sent the Lebanese pound to record lows against foreign currencies, and one banker said the country is rapidly approaching total economic collapse.
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