By Taleen El Gharib | Junior Editor of Local News

On Thursday, February 16, a group of depositors took to Badaro to set several banks aflame, armed with Molotov and sheer rage over the banking deadlock that has left citizens in limbo since the beginning of the crisis. 

The depositors targeted around six banks in the area, destroying their entrances and ATMs, before heading to Sin El Fil, where they reportedly surrounded the home of Bank Association head Salim Sfeir. Multiple protests and roadblocks erupted across the country, either in support of the depositors’ courageous movement or due to the skyrocketing Lira-USD rate. 

Citizens have grown accustomed to witnessing such events unravel after major fluctuations in the currency, as multiple bank heists took place in the span of a week back in September 2022, as well as armed hostage situations back in August and January earlier that year. 

The Association of Banks announced an open-ended strike earlier this month, and banks have since been closed to depositors, leaving them unable to withdraw their frozen funds which have become mostly devalued due to the informal crackdown that was placed on cash withdrawals back in 2019. Supported by a team of lawyers, the Depositors’ Union (DU) plans to file a lawsuit that will force banks to end their strike and open their doors to depositors once again. 

The depositors who launched the attacks have received mixed responses on social media, as some users expressed support for their heroism. In contrast, others accused them of forcing banks to remain closed due to security concerns. Such responses have frequented social media platforms, as the October 17 revolution and revolution-adjacent movements have been scrutinized for a number of reasons (for its lack of leadership, the alleged regression of its momentum, the establishment of party control over protests, etc.). 

The DU represents a significant portion of the current anti-state mobilizations occurring in the country. DU member Hadi Jaafar claims that depositors are “trapped in a game” between banks and the judiciary in light of the recent judiciary measures against Lebanese banks and speculations pertaining to the capital control law. It is unlikely that these attacks will subside or become any less violent, nor will the crisis halt its aggressions against a struggling population. With over 70% of the population below the poverty line and growing fears over formalizing capital control laws, citizens have grown desperate to make tangible what is rightfully theirs. 

It is untrue that the revolution witnessed a regression in its momentum solely because there are no longer any large-scale protests and roadblocks occurring around the country. Amid a crisis that is facilitating a sector-wide impasse, such small-scale movements pave the way for

meaningful dialogue—and if not dialogue, then hope for a population that is gradually losing sight of survival. 

It has become clear that revolutions are neither clear-cut nor black and white and are thus not required to follow a certain path to be deemed successful. Citizens are fighting against a state grounded on over thirty years of corruption and contributed to the consolidation of party power dynamics beyond politics. The incompleteness of the revolution should not be overshadowed by accusations of failure.