Post by sevenofnine on Sept 13, 2024 11:53:53 GMT -5
Some of the bank debt is in Euro banks
Diplomats may be busy stopping other wars in Ukraine and Gaza from growing into monstrous regional conflicts. But if they’re too consumed to take this brief opportunity, they may end up with a third before too long, Tarek Megerisi writes.
Libya's Tripoli-based government's recent clumsy attempt to replace the central bank governor should be a blaring alarm in the central Mediterranean.
It quickly led to a shutdown of Libyan oil exports, Libya’s quarantining from international financial systems, and the cessation of all payments or credit in a state where people are dependent on public-sector salaries and imported goods.
The situation will create a socio-economic crisis for Libya’s long-suffering population, one that could quickly turn violent given the rivalries still tearing the country apart.
But, weirdly enough, it’s also a golden opportunity to stabilise Libya that Western actors are overlooking. Instead of watching the country’s further disintegration from afar, Europeans and the US should leverage this crisis to press for technocratic control of the bank as a prelude to much-needed elections.
www.euronews.com/2024/09/12/libyas-central-bank-chaos-must-serve-as-a-wake-up-call-for-the-west
Diplomats may be busy stopping other wars in Ukraine and Gaza from growing into monstrous regional conflicts. But if they’re too consumed to take this brief opportunity, they may end up with a third before too long, Tarek Megerisi writes.
Libya's Tripoli-based government's recent clumsy attempt to replace the central bank governor should be a blaring alarm in the central Mediterranean.
It quickly led to a shutdown of Libyan oil exports, Libya’s quarantining from international financial systems, and the cessation of all payments or credit in a state where people are dependent on public-sector salaries and imported goods.
The situation will create a socio-economic crisis for Libya’s long-suffering population, one that could quickly turn violent given the rivalries still tearing the country apart.
But, weirdly enough, it’s also a golden opportunity to stabilise Libya that Western actors are overlooking. Instead of watching the country’s further disintegration from afar, Europeans and the US should leverage this crisis to press for technocratic control of the bank as a prelude to much-needed elections.
www.euronews.com/2024/09/12/libyas-central-bank-chaos-must-serve-as-a-wake-up-call-for-the-west
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