We meet here today after three years of relentless and devastating economic and financial deterioration that has resulted in more poverty, unemployment, and emigration, placing the country in an almost insurmountable position, as a result of wrong and unfair political, economic, and financial choices that led to the distribution of losses incurred by the banking sector in a way that serves the interests of very few in Lebanese society and in light of continuous impunity from any accountability.

The key to any serious and effective reform in the financial sector, i.e. the restructuring of banks, is accountability, even if long overdue. This is a crucial first step to oblige the political class to acknowledge its responsibility for the mismanagement of public and private funds, and hold it accountable for its many crimes perpetrated in collusion with its financial and banking partners.

As such, decision makers across successive governments, the public sector, the central bank, boards of directors and executive teams of banks, as well as auditors, should all be held accountable and liable for their decisions. As well as the judiciary and regulatory bodies in terms of investigating any possible inaction or collusion. Knowing that the foregoing does not exclude at all the successive parliaments and their members from the political responsibility for the current catastrophic situation.

Any restructuring of the financial system that constitutes but a perpetuation of the status quo is refused. At a time when most losses have already been assumed by depositors and society at large, the financial and political elite are positioned, yet again, to restart on a clean slate. We believe it is our responsibility to stop this.

We have a civic, even patriotic duty to work towards a reformatory process that opens a new page based on integrity, transparency, accountability, the rule of law and no impunity. We are five organizations meeting before you today to invite you to participate in this initiative that includes members of Lebanese civil society and its most representative bodies, including representatives of free trade unions, depositors, the private sector, the academic sector, human rights associations and political initiatives. 

The objective is to monitor the proper application of basic reform laws that make accountability a reality, keep pace with the legislative work, and place pressure on the decision-making process in a way that serves the interest of the country and saves it from further corruption and failure.  

We present the points below as key entry points to hold accountable those responsible for the financial crisis: