Lebanon, the country once known as “The Switzerland of the Middle East” for being a prosperous banking hub with the only secrecy laws in the region, is now in the midst of a financial crisis that is inextricably entwined with the fate of its banking sector. A liquidity and financial crisis erupted in 2019 after years of mismanaged, ad hoc fixes to deeply-rooted economic, social, and political plights. As ruling elites abandoned their feeble and fake solution attempts, the crisis was compounded by the COVID-19 pandemic and the Beirut port explosion, further aggravating the already chaotic scenario. To date, the state has not yet managed to pass on a feasible, full-on restructuring program with long-term efficacy, and the many prevailing crises, namely economic and financial, continue to spur in the absence of capable leadership. Trial and error In what were supposed to be efforts to appreciate or even stabilize the
