Sami,
The $750 million figure is a typo that I am responsible for and the data that I have from MPI, Migration Policy Institute, uses the figure of $4.9billion for the year 2007. But as you well know the argument that I tried to present does not rest on an exact figure for remittances.

I am glad that you have questioned the policies that have resulted in the present untenable situation. My only wish is to have more in the press do that. I am a firm believer that a vibrant responsible democracy is not possible without a free responsible investigative press.
Thank you for your contributions and thank you for taking the time to write and correct the record. A hat tip to you.

I enjoyed your article but some of your facts are incorrect.

Remittances came in at 7.1 billion in 2008 and expected at 7.0 billion in 2009. (World Bank)

Lebanon recently issued $500 million of Eurobonds not $750 million (Byblos Bank)

This year, because of bailouts and other funny financial shenanigans 10 percent deficits are more common than usual so to say Lebanon’s its one of the highest for this year is not necessarily accurate.

Finally, the press has been challenging the strategies of debt management:
http://executive-magazine.com/getarticle.php?article=12524

This is one of my own but there are others.

All in all however, i think the idea of defaulting and restructuring should be seriously considered. The only caveat is that much of the debt is held by the local banks who have political connections (direct or indirect) and this will make this option… well lets say difficult for lack of a better word.

Thanks for writing.

Sami

Vahe,
Enforcing the laws on everyone will be a good start. It is very important for every citizen to recognize that there is no free lunch. If the government is to be expected to finance some projects then we must be willing to pay our fair share of taxes. There is no doubt that a smaller deficit will be a positive development. But I am afraid that in this case that might not be enough since the debt has been allowed to reach these unsustainable levels.