Once the economy's crown jewel, Lebanon's banks are shutting branches and laying off employees in droves, resizing to the bleak reality of a crisis they are widely blamed for.Before the onset in 2019 of a financial collapse deemed one of the world's worst since the 1850s by the World Bank, the small Mediterranean country had an oversized but prosperous banking sector.The capital Beirut was a booming regional financial hub, attracting savers keen to profit from high interest rates and banking secrecy laws.
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BEIRUT Once the economy's crown jewel, Lebanon's banks are shutting branches and laying off employees in droves, resizing to the bleak reality of a crisis they are widely blamed for.Before the onset in 2019 of a financial collapse deemed one of the world's worst since the 1850s by the World Bank, the small Mediterranean country had an oversized but prosperous banking