Lebanese bank losses to reach 200% of GDP

Lebanon has had a rough time this past year. The global pandemic is accelerating a dire financial situation that was created by 3 decades of corruption and petty sectarianism.<p>Lebanon has a long history (millennia) of rising from the ashes. So whatever happens will happen... Hopefully the lessons from this crisis are taken to heart on the next go around

I have absolutely no understanding of what this article talks about. I&#x27;ve read it twice, and it seems the banks will devalue the local currency, and sell off foreign assets as they start to become a higher percentage of their holdings because of the devaluation of the local assets.<p>but for what purpose?!