When resources thin the Lebanese public begins to act with urgency and restraint. He acts without excessive force. He understands what he seeks is his own. People enter banks with the intention of withdrawing what they have saved, and for the fifteenth time they try to reclaim funds from accounts that once looked accessible. They bring a tool, release a gas, and take money that yesterday employees claimed was unavailable. They walk out with briefcases of cash as the town witnesses a new form of civil assertion. In Lebanon, desperation pushes depositors to take matters into their own hands, and the battleground shifts to bank branches. Sally Hafez, an interior designer, broke into Blom Bank offices in Beirut with a toy pistol a few weeks prior. She demanded thousands of dollars from her sister’s account to cover cancer treatment. She escaped with about $13,000 and became a symbol for the moment. With her was her lawyer, Rami Ollaik. Ollaik told a newspaper: “If a depositor dies at a hospital door while the bank hides money and bankers spend it on private travel, that is not legitimate,” implying that depositors act within a perceived right to reclaim savings by force if needed.
… The banks must be withdrawn from immediately; a confrontation seems inevitable for a group charged with guarding against theft and crime. Lebanese savers have reached a boiling point, no longer able to overlook the losses. Do not become sacrificial victims while warning signals go unheeded. A Beirutian crowd watches with growing concern as the situation unfolds. In one case, Sally moved to Blom on the far side of the capital, while another depositor recovered around $30,000. In the same week seven more assaults by aggrieved depositors were reported. On a single Tuesday, three attacks occurred in different parts of the country, including an action by a retired police officer.
“In self defense”
Ollaik leads United for Lebanon Against Corruption, a group of lawyers at the forefront of challenging the banking system for several years. “We filed the first lawsuit against banks, their executives, and against a central banking official,” explains Ollaik, who has long chaired Lebanon’s central bank. “We have lost faith in the judiciary; it has blocked every avenue to justice,” the attorney recalls as he moves toward another case. Facing court obstacles, he sought a different path.
Now the depositors are urged to pursue their own remedies to recover funds. The effort is typically focused on those with medical needs. “Given the situation in Lebanon and the level of corruption, we support a right of self-defense as an exception in emergencies,” Ollaik says. Attacks, while multiple, have not caused serious injuries. Some broken glass and the debris left behind tell only part of the story—the depositors want their money. Banks have felt fear as a result; some branches reopened with far reduced services after being closed for a few days.
Negotiations with the IMF
The Lebanese economy is marked by widespread poverty. Citizens struggle without medicine, electricity, and water. The local currency has fallen sharply, and even as it devalues, exchange rates are adjusted. Starting in November, the country plans to adjust its fixed exchange rate to a new level, affecting the long-standing peg. The government has engaged in negotiations with the International Monetary Fund for an aid program. The bailout hinges on reforms, including changes to capital controls, and many fear heightened social tension if political and financial reforms stall. This has been described by observers as a moment of acute pressure, raising fears of further upheaval as the country seeks stability.
The bailout is contingent on reforms and a credible plan to restore confidence. Some officials warn that without progress, public anger could intensify, with calls for accountability echoing through financial and political circles. Those arguing for change emphasize the need to protect ordinary people while ensuring financial institutions can operate with integrity. As the country navigates these conversations, depositors cling to the hope that their assets will be safeguarded and that a path toward sustainable reform will emerge. In the meantime, the banks face ongoing scrutiny as ordinary citizens press for transparency and reform, at times resorting to direct action to reclaim what is theirs, while authorities work to balance security, fairness, and economic stability.