The market suspended operations Monday thanks to a strike by employees of Lebanon’s Central Bank that began over the weekend. Workers are protesting potential austerity measures that would significantly reduce their salaries and state benefits. But Prime Minister Saad Hariri has pledged to implement the measures in a bid to unlock an $11 billion loan to reduce the country’s sky-high national debt.
What does the austerity bill include? Among other measures, it proposes cutting salaries for public officials by as much as 50 percent, as well as reducing pensions for retired military personnel.
Check out this OZY story about Lebanon’s waste warriors.