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

The destruction of the port of Beirut by a massive explosion on 4 August will throw Lebanon deeper into the protracted financial crisis it has faced in recent months, which forced the country to default on a $1.2bn eurobond in March.

At least 100 people died in the blast, and 4,000 others were injured after thousands of tons of ammonium nitrate stored by the government in a warehouse ignited. The explosion destroyed the port area of the Lebanese city, a vital trade hub for the small country’s struggling economy.

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