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Lebanon’s Economic Crisis Is Spinning Out of Control, Fast

  • Currency more than halved in June, threatening hyperinflation
  • Talks with IMF making little progress as economy unravels
A bakery makes flat breads in Beirut on June 27.
A bakery makes flat breads in Beirut on June 27.Photographer: Hasan Shaaban/Bloomberg
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Lebanon’s economic crisis is fast slipping out of control, driven by a currency collapse that’s decimating businesses and plunging families into destitution.

While politicians and bankers trade blame on the airwaves, the country’s pound has lost nearly 60% of its value on the black market in the past month, threatening to suck the economy into a hyper-inflation spiral. Food prices are rising so fast that the army took meat off its menus last week. The state-controlled price of a bag of flat-bread was raised by a third.