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Dubai: Lebanon’s current economic catastrophe is epitomised by one factor more than any other: The free fall of its currency. Since 1997, the Lebanese Central Bank has artificially pegged to the lira was to the US dollar at the rate of $1 = 1,500LP (1,507 to be precise).
Argentina defaulted on sovereign debt for the ninth time in its history, as Latin America’s third-biggest economy grapples with a new cycle of economic contraction, runaway inflation and a hard-currency squeeze exacerbated by the coronavirus pandemic.
