The Banking Sector in Lebanon and the Roots of Corruption

The Caravan

Alain Bifani has had an insider's view of Lebanese politics for decades as Director General of the Ministry of Finance. In this discussion he explores the origins of the current crisis in Lebanon in the historical corruption of the banking sector. Entrenched interests, called "the cartel," have grown enormously rich at the expense of the impoverishment of the nation at large, especially the middle class. The very wealthy have been able to shelter assets overseas, some of which has been exposed by the Pandora Papers revelations. Bifani argues that little can change until there is a change in the national leadership. The international community, in particular the United States, should respond by sanctioning corrupt actors, insisting on transparency in finances and governances, and making sure that any aid programs benefit the Lebanese people as a whole, not only the elite of the "bankocracy."