Below you will find para 132 and 133 of RECOVERY, RECONSTRUCTION, AND REFORM "International Conference for Support to Lebanon" 25 January 2007 http://www.finance.gov.lb/NR/rdonlyres/89C37627-828E-4626-9F00-9A6498BB4082/0/ParisIIIEngVersion.pdf As you can very well see that six families owning the domestic banking sector have lent to the state at exorbitant rates and accumulated amount of 40 b$ And now they say to the international donors give the governemnt money to pay back our interest or the country will go hell. of course the banks are in the governemnet as well of course many cannot afford to see another blood bath in the near east so they pay now project these gains on US meddling in the security of the enar east and discern from that how they can earn 2b$ a day in inflows and issue world cash with no end in site that is all the more argument for oil as not only valuable by itself but more so much more so as a means of control
132. Assuming no adverse developments occur and provided the government delivers on all its reform measures, the domestic effort will lead to significant reductions in the budget deficits and improvement in the primary surplus amounting to about 10% of GDP; nevertheless, these efforts alone will not be sufficient to reverse the debt dynamics. All things being equal, the debt-to-GDP ratio will remain at best at about 145% of GDP and the debt service will still eat up about 50% of total revenue—a very high level of debt by international standards that could not be sustained in the long term. Generating larger primary surpluses over the long term would not be possible without upsetting the delicate social and political balance in the country. 133. Hence to reduce the debt-to-GDP ratio over time, support the efforts of the Lebanese government, and improve the chances of success of the economic reform program, Lebanon will need the support of the international community. Lebanon hopes to receive financial assistance mainly in grants and highly concessional loans to bring down the debt-to-GDP ratio to a sustainable level, placing Lebanon on a promising and sustainable path out of the debt overhang. ____________________________________________________________________________________ Expecting? Get great news right away with email Auto-Check. Try the Yahoo! Mail Beta. http://advision.webevents.yahoo.com/mailbeta/newmail_tools.html
