We are hostages in our own home: In Lebanon, the economic crisis continues to worsen?

It’s much simpler: our economy is dollarized.

The problem is that unlike Karim, the majority of the population is still paid in Lebanese lira, like Séréna, who is 30 years old. “Our salaries don’t keep up with inflation, it’s unfair!” She denounces. “Filling the fridge has become very expensive. We just buy what is necessary, the minimum to survive.”

Rob one’s own bank to get back their own savings?

According to the United Nations, half of the population now relies on humanitarian aid. Indeed, most Lebanese have no safety net, no pension or health insurance. And since the financial crisis, which is getting worse every day in the country, their savings are blocked in banks. Withdrawals are rationed by authorities. “It’s a catastrophe,” said Zeina, 60, who was trying to get some bills from an ATM. “Our own money is blocked, we don’t know what to do. We’re hostages but in our own home. No work, no money…It’s not fair.”

I don’t even know how I’m going to pay for the electricity at the end of the month.

Zeina holds the corrupt political class in power responsible for the current crisis in Lebanon. Since 2019, Lebanese citizens like her have been unable to withdraw their money while many politicians and bank directors have managed to save their own fortunes. “Whether they’re Christian or Muslim, they’re all in the same boat,” says the sixty-year-old. “They’ve transferred their money abroad and are living very well, while we, the people, are suffering!”

A situation that has emerged as a phenomenon a few months ago: dozens of Lebanese, sometimes armed, who are robbing their own bank. So far, none of them have been convicted. For while robbing a bank is obviously illegal in Lebanon, preventing a depositor from withdrawing their money is also illegal.

Robbing one’s own bank to get back their savings?

We are, in quotes, stealing our own money. Between us, we prefer to call it a ‘version 2.0 withdrawal’, says George*, who met with franceinfo in an underground parking lot. “It’s a bank withdrawal, but one that requires strong-arm methods, even though it is our absolute right”. This man, who says he is ready to rob the director of his bank very soon, suffers from a chronic illness. He needs the $100,000 deposited in his account to get treatment. “To be very clear: today, pushed to desperation and armed with our right to survival, we are prepared to do anything.”

In a 2.0 heist, the robber is the hero and the thief is the bank.