Lebanese Tycoon Pulls Candidacy for Premier as S&P Raises Alarm

The withdrawal of a candidate to become Lebanon’s prime minister is once again threatening to drag out the process at a time the country faces calls to take urgent steps necessary to avoid economic collapse.

Mohammed Safadi, a wealthy Lebanese businessman and former finance minister, put an end to his bid just two days after winning the backing of Lebanon’s major political parties. Lebanon has been without a government since Saad Hariri resigned late last month in the face of protests over mismanagement that’s pushed the economy to the verge of bankruptcy.