Lebanese bank association rejects government financial plan

BEIRUT - The Association of Banks in Lebanon (ABL) on Tuesday rejected a financial recovery roadmap passed last week by the country's cabinet, saying it would "place the full losses" of the country's economic meltdown on depositors.

The ABL had rejected an earlier draft of the plan, which forsees cancelling "a large part" of the central bank's foreign currency obligations to commercial banks and dissolving non-viable banks by November.