financial crisis

Lebanon Families Spend '5 Times Minimum Wage' on Food: Study

Families in Lebanon are now spending five times the minimum wage on food alone, a report found Wednesday, as inflation caused by the country's worst-ever economic crisis continues to soar. The Mediterranean country is battling what the World Bank has described as one of the planet's worst financial crises since the 1850s, which has left more than half the population living below the poverty line.

‘Catastrophe’ Warning as Lebanese Officials Lift Fuel Subsidies

Caretaker Prime Minister Hasan Diab approved a plan to decrease crucial fuel subsidies, a move observers warned could unleash a “social catastrophe” as the economy continues to crumble. Diab said in a statement the decree on Friday to finance fuel imports at a rate higher than the official exchange rate aimed to secure a supply of fuel to last the next three months.