A leading Lebanese economics expert has warned that the country could slip into recession in 2013 as the Syria crisis continues to undermine confidence in the economy. Simon Neaime, head of the economics department at the American University of Beirut, said that the lack of consumer spending was hurting the economy. He also warned the government that attempts to spend their way out of the crisis would be undermined by the already high public debt. More from Daily Star Commodities trader Trafigura has taken a $400m loan from a group of Middle Eastern banks, as the group looks to diversify its lending pool at a time of stress in traditional banking spheres. The one-year revolving credit facility was arranged by BNP Paribas and involved 11 Gulf Arab banks joining the deal, which was signed at the end of August, Reuters reported. The company has been hit by a number of
