Banks fleeing the storm

ENAR

Lebanese bankers are sailing off to foreign shores to generate growth in profits as turbulence rattles their home country and cripples their neighbours next door. The blood being spilled in Syria is rising daily with no end in sight. The repercussions on government-less Lebanon go beyond an economic suffocation as violent clashes have again taken hold of the northern city of Tripoli. Amid this, Lebanon’s indebted public sector is under pressure and along with it the banking sector — a heavyweight in the country’s economy indeed. The $40 billion Lebanese economy grew by just 2 percent last year, according to the International Monetary Fund, and is expected to grow by a slightly higher rate of 2.5 percent for 2013, an estimate that seems likely to be reduced if the current situation does not improve. The number of tourists visiting the country in the first quarter was down 12.5 percent on