'Lebanon’s Economic Crisis Explodes, Threatening Decades of Prosperity' diff viewer (15/16)

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Lebanon’s Economic Crisis Explodes, Threatening Decades of Prosperity	Lebanon’s Economic Crisis Explodes, Threatening Decades of Prosperity
2020-06-24 15:37:07 UTC	2020-07-01 11:16:18 UTC (7 days later)
BEIRUT, Lebanon — Flawed policies and sudden shocks have thrust Lebanon into its worst economic crisis in decades, with its currency collapsing, businesses shutting, prices for basic goods skyrocketing and the threat of hunger looming for its poorest people.	BEIRUT, Lebanon — Flawed policies and sudden shocks have thrust Lebanon into its worst economic crisis in decades, with its currency collapsing, businesses shutting, prices for basic goods skyrocketing and the threat of hunger looming for its poorest people.
“They come to sell because they need to eat,” said Ali Sabra, a gold merchant in Beirut who pays cash to families selling dowries and wedding rings to buy food.	“They come to sell because they need to eat,” said Ali Sabra, a gold merchant in Beirut who pays cash to families selling dowries and wedding rings to buy food.
“This time you sell your gold,” Mr. Sabra said. “What will you do next time?”	“This time you sell your gold,” Mr. Sabra said. “What will you do next time?”
Lebanese have long stood out in the Middle East for not letting political upheaval or civil violence get in the way of enjoying the finer things in life. Night clubs and hotels stayed open though wars, and while the tap water was undrinkable and the electric grid unreliable, even the middle class could afford nice clothes, low-paid maids from Ethiopia or the Philippines and occasional foreign vacations.	Lebanese have long stood out in the Middle East for not letting political upheaval or civil violence get in the way of enjoying the finer things in life. Night clubs and hotels stayed open though wars, and while the tap water was undrinkable and the electric grid unreliable, even the middle class could afford nice clothes, low-paid maids from Ethiopia or the Philippines and occasional foreign vacations.
Underlying that lifestyle was a longstanding government policy that kept the value of the Lebanese pound pegged to the U.S. dollar, allowing the Lebanese to interact seamlessly with the world economy.	Underlying that lifestyle was a longstanding government policy that kept the value of the Lebanese pound pegged to the U.S. dollar, allowing the Lebanese to interact seamlessly with the world economy.
But that system has unraveled in recent months, fueling an economic collapse that has been exacerbated by a government-imposed lockdown aimed at stopping the spread of the coronavirus. Analysts warn that the downturn could pauperize the middle class, making it that much harder for the country to recover.	But that system has unraveled in recent months, fueling an economic collapse that has been exacerbated by a government-imposed lockdown aimed at stopping the spread of the coronavirus. Analysts warn that the downturn could pauperize the middle class, making it that much harder for the country to recover.
“There are many sins and many sinners,” said Roy Badaro, a Lebanese economist. “The sins of the past have to be paid for today and in the future, so there is a distribution of pain to cover the costs.”	“There are many sins and many sinners,” said Roy Badaro, a Lebanese economist. “The sins of the past have to be paid for today and in the future, so there is a distribution of pain to cover the costs.”
The result will be, he said, “a serious downgrade in lifestyle.”	The result will be, he said, “a serious downgrade in lifestyle.”
Lebanon’s economic problems have been building for years. A nation of 5.4 million on the Mediterranean with a variety of religious sects and large groups of Syrian and Palestinian refugees, Lebanon has long suffered from internal conflict and spillover from the wars afflicting its neighbors. Its historically weak government has relied on increasing amounts of debt to pay its bills, while failing to carry out reforms that could have bolstered its economy or unlocked international aid. That has made it the third most indebted state in the world, and rampant corruption has further siphoned funds from state coffers.	Lebanon’s economic problems have been building for years. A nation of 5.4 million on the Mediterranean with a variety of religious sects and large groups of Syrian and Palestinian refugees, Lebanon has long suffered from internal conflict and spillover from the wars afflicting its neighbors. Its historically weak government has relied on increasing amounts of debt to pay its bills, while failing to carry out reforms that could have bolstered its economy or unlocked international aid. That has made it the third most indebted state in the world, and rampant corruption has further siphoned funds from state coffers.
Clear signs of trouble surfaced late last year, when banks began limiting withdrawals and anti-government protests erupted across the country.	Clear signs of trouble surfaced late last year, when banks began limiting withdrawals and anti-government protests erupted across the country.
The immediate breakdown was a nationwide shortage of dollars. Since Lebanon produces almost nothing for export, the country’s primary source of dollars has been large deposits from wealthy investors in the central bank, which were needed to maintain the link to the Lebanese pound.	The immediate breakdown was a nationwide shortage of dollars. Since Lebanon produces almost nothing for export, the country’s primary source of dollars has been large deposits from wealthy investors in the central bank, which were needed to maintain the link to the Lebanese pound.
To keep those investments coming, the central bank offered ever-higher interest rates for large deposits, whose yields could be covered only by newer deposits at even higher rates.	To keep those investments coming, the central bank offered ever-higher interest rates for large deposits, whose yields could be covered only by newer deposits at even higher rates.
That strategy, which analysts have likened to a state-sponsored Ponzi scheme, ran out of gas last year when new depositors suspected the policy was unsustainable and stopped coming. Soon, the real dollars in the bank were far short of the theoretical dollars that had been earned in interest on previous deposits.	That strategy, which analysts have likened to a state-sponsored Ponzi scheme, ran out of gas last year when new depositors suspected the policy was unsustainable and stopped coming. Soon, the real dollars in the bank were far short of the theoretical dollars that had been earned in interest on previous deposits.
That shortage has now hit individual Lebanese account holders, whose banks have either limited dollar withdrawals or stopped handing out dollars altogether. At the same time, the Lebanese pound has lost about two-thirds of its value on the black market, further burdening the lives of people who once moved easily between the two currencies.	That shortage has now hit individual Lebanese account holders, whose banks have either limited dollar withdrawals or stopped handing out dollars altogether. At the same time, the Lebanese pound has lost about two-thirds of its value on the black market, further burdening the lives of people who once moved easily between the two currencies.
The pain for average citizens is clear in the depositors lining up outside banks, often wearing face masks and standing in the sun, to see whether they can withdraw any of their own money.	The pain for average citizens is clear in the depositors lining up outside banks, often wearing face masks and standing in the sun, to see whether they can withdraw any of their own money.
“My salary no longer has any value,” said Mirna Haddad, 54, an accountant waiting in line outside a Beirut bank last week.	“My salary no longer has any value,” said Mirna Haddad, 54, an accountant waiting in line outside a Beirut bank last week.
While her salary in Lebanese pounds was modest, she had always been able to easily convert it into dollars to, say, buy a car or take occasional family trips to Greece. Now, that money is worth less, and her bank will not let her transfer it abroad to her son, a university student in France.	While her salary in Lebanese pounds was modest, she had always been able to easily convert it into dollars to, say, buy a car or take occasional family trips to Greece. Now, that money is worth less, and her bank will not let her transfer it abroad to her son, a university student in France.
“Our whole life is going to change,” she said.	“Our whole life is going to change,” she said.
Nearby stood a sales director for an events management company, Ghassan Nawfal, who said all but two of his company’s 30 employees had been put on unpaid leave. The two who remained were earning only half salaries — for now.	Nearby stood a sales director for an events management company, Ghassan Nawfal, who said all but two of his company’s 30 employees had been put on unpaid leave. The two who remained were earning only half salaries — for now.
Behind him was Fouad Tawk, 53, who had retired after 24 years in the Lebanese Army with a pension that used to be worth $800 per month. Now it is worth just over $200.	Behind him was Fouad Tawk, 53, who had retired after 24 years in the Lebanese Army with a pension that used to be worth $800 per month. Now it is worth just over $200.
“The pound went from the sky to the ground,” he said.	“The pound went from the sky to the ground,” he said.
Mr. Tawk said he was struggling to make up the shortfall by doing carpentry work, which was hard to come by, and farming land in his village, although the prices of imported agricultural supplies have risen as well.	Mr. Tawk said he was struggling to make up the shortfall by doing carpentry work, which was hard to come by, and farming land in his village, although the prices of imported agricultural supplies have risen as well.
“We used to be OK between the pension and the land, but now it has all collapsed,” Mr. Tawk said.	“We used to be OK between the pension and the land, but now it has all collapsed,” Mr. Tawk said.
The crisis will fall hardest on Lebanon’s poor.	The crisis will fall hardest on Lebanon’s poor.
In November, the World Bank warned that the portion of Lebanon’s population living in poverty could increase from 30 percent to 50 percent if the government did not act swiftly. But that was before the currency crash and the coronavirus pandemic hit, making matters worse.	In November, the World Bank warned that the portion of Lebanon’s population living in poverty could increase from 30 percent to 50 percent if the government did not act swiftly. But that was before the currency crash and the coronavirus pandemic hit, making matters worse.
Last month, Human Rights Watch warned that millions of Lebanon’s residents, including more than one million Syrian refugees, were at risk of going hungry during the coronavirus lockdown if the government didn’t come to their aid.	Last month, Human Rights Watch warned that millions of Lebanon’s residents, including more than one million Syrian refugees, were at risk of going hungry during the coronavirus lockdown if the government didn’t come to their aid.
~~Updated June ~~24,~~ 2020~~	Updated June 30, 2020
	Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.	Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.	A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.	The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.	The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.	So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.	Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.	A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.	The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)	If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)