Article content

Step inside the Greek Orthodox cathedral in Beirut’s central Nejmeh Square and you could be in Athens: priests with long black robes and beards lead prayers and worshipers cross themselves in front of icons.

The problem for Lebanon, the world’s third most-indebted country, is that it’s starting to look more like Greece financially. And if Greece’s survival as part of the euro was crucial to the European project, Lebanon is key to keeping what’s left of peace in the Middle East.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or It could be crunch time for world's third most-indebted country Back to video

“I don’t think the gravity of the situation is understood by everyone,” deputy Prime Minister Ghassan Hasbani said in his office in Beirut. The time has come for an international aid package that will force Lebanon to reform, “the same way that Greece was salvaged, but before it’s too late,” he said.

There’s nothing new about a nation held together by a delicate sectarian power balance being on the brink. But what is new is that Lebanon has never had to face such a daunting set of challenges at the same time, and all while it can count less on traditional sources of money from abroad, whether the diaspora or erstwhile Saudi benefactors.