Here’s why the massive explosion in Beirut will deepen Lebanon’s financial nightmare

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Here’s why the massive explosion in Beirut will deepen Lebanon’s financial nightmare
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The destruction of the port of Beirut by a massive explosion on Tuesday will throw Lebanon deeper into the protracted financial crisis it has faced in recent months. Here's a breakdown of Lebanon's economy for the past few months:

The destruction of the port of Beirut by a massive explosion on Tuesday will throw Lebanon deeper into the protracted financial crisis it has faced in recent months, which forced the country to default on a $1.2 billion eurobond in March.

The government of Prime Minister Hassan Diab has been talking for months with the International Monetary Fund about a multibillion-dollar rescue package. The Lebanese pound has lost 80% of its value on the black market since October and the nearly-bankrupt banking system is only allowing limited cash withdrawals by depositors.

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Beirut blasts likely accidental – but Hezbollah activities at the port under scrutinyBeirut blasts likely accidental – but Hezbollah activities at the port under scrutinyA series of massive explosions rocked Beirut’s port on Tuesday – a mushroom cloud rising above the widespread destruction that claimed the lives of at least 50 people and wounded hundreds more in the Lebanon capital.
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Massive blast rocks Beirut, leaving many dead and injuredMassive blast rocks Beirut, leaving many dead and injuredHours after a deadly explosion, ambulances were still carrying away the wounded and officials said Beirut’s hospitals were full.
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At Least 70 Dead After Massive Explosion In BeirutAt Least 70 Dead After Massive Explosion In BeirutSo far, at least 70 people are dead and more than 2,750 injured, according to the health minister, with numbers rising steadily
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U.S. State Dept says stands ready to offer assistance after Beirut blastU.S. State Dept says stands ready to offer assistance after Beirut blastThe U.S. State Department is closely following reports of an explosion in Beirut and stands ready to offer 'all possible assistance', a spokesperson for the agency said, as a massive blast ripped through the Lebanese capital on Tuesday, killing at least 10 people and injuring hundreds.
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Lebanon's health minister says many injuries and large damage from Beirut blast: LBC TVLebanon's health minister says many injuries and large damage from Beirut blast: LBC TVLebanon's Health Minister Hamad Hasan said an explosion in central Beirut on Tuesday had caused a 'very high number of injuries' and extensive damage, Lebanese LBC television channel quoted the minister as saying.
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