Prime Minister-designate Saad Hariri said Thursday he was stepping down after failing to form a government for nearly nine months. The development is likely to plunge the country further into chaos and uncertainty. Lebanon is going through an unprecedented economic crisis, described by the World Bank as one of the worst in the world in 150 years.
After failed local attempts to break the Cabinet deadlock, attention has been shifted to France’s possible intervention to help in the formation of a new government.
Sfeir said banks remained opposed. "The easiest formula is to have a haircut, but a haircut will create for you a social problem," he said.