File - The head of the Association of Banks Francois Bassil speaks during a conference in Beirut, Thursday, Aug. 29, 2013. (The Daily Star/Mohammad Azakir)
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The new Cabinet must adopt quick and effective reforms immediately after its formation in order to change the negative political atmosphere in the country, the head of the Association of Banks in Lebanon said Tuesday.Bassil's remarks came as the March 8 and March 14 coalitions showed greater flexibility about the composition of the new Cabinet.Bassil also said it was imperative to fill all the vacancies in key administrative state positions so they could carry out badly needed reforms.Bassil also warned that failure to make progress on the political and security fronts could see the banking sector's profits dwindle this year.Bassil also commented on the exit of foreign banks from Lebanon.Bassil explained that some of the foreign-owned banks were leaving not only Lebanon but other emerging markets as well.
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