Praying for peace

  Bankers and politicians alike delight in calling the banking sector immune — immune to the financial crisis, immune to political rumblings and knee jerks in public opinion. But the health of the banking sector and the health of Lebanon’s economy are incontrovertibly tied. “The banking sector has a kind of immunity which keeps the industry aside from the political tensions. Nevertheless, any tensions in Lebanon have a direct effect on the economy and accordingly on the banks in general,” said George Abou Jaoude, chairman and general manager of Lebanese Canadian Bank. It was business as usual for the first half of 2010 with prevailing trends of slowly falling dollarization in both deposits and lending for the first three quarters of the year. But increased political wrangling regarding the United Nations’ Special Tribunal for Lebanon, and inflammatory speeches by prominent leaders in Lebanon since the summer, have led some in