Lebanon

[…] The problems in Lebanon are a clear threat to the stability of the Mediterranean region and associated European interests.

Lebanese telecoms tycoon and former prime minister, Najib Mikati, was chosen by lawmakers Monday to serve as Lebanon's new prime minister as the nation reels from multiple political-economic crises.

The Israeli military said its artillery shelled southern Lebanon early this morning in response to two rockets fired from Lebanon into Israeli territory.

Lebanese politician Saad al-Hariri abandoned his effort to form a new government on Thursday, saying it was clear he would not be able to reach an agreement with President Michel Aoun, plunging the country deeper into crisis.

Lebanon Prime Minister-designate Saad Hariri stepped down on Thursday after failing to form a government for over the past eight months.

The Lebanese want the EU to sanction political leaders they say are responsible for the country's crisis. Some EU nations are in favor, but experts warn sanctions could be dangerous.

The European Union's foreign policy chief, Josep Borrell, held talks on Saturday with Lebanese officials in Beirut about the severe political and economic crises facing the Middle Eastern nation. After holding a meeting with Lebanese President Michel Aoun, Borrell warned that the EU could impose sanctions on those responsible for the current political stalemate in the country.

As Lebanon endures one of its worst financial and economic crises ever, the UN estimates that over the next eight months around $300 million is needed to provide vital aid to around 1.5 million Lebanese and 400,000 migrant workers living there.

Lebanon is enduring a severe and prolonged economic depression. According to the latest World Bank Lebanon Economic Monitor (LEM) released today, the economic and financial crisis is likely to rank in the top 10, possibly top 3, most severe crises episodes globally since the mid-nineteenth century.

Rockets were fired from Lebanon towards Israel on Wednesday, prompting Israel to launch artillery strikes at targets in Lebanon. It was the third time rockets had been fired from Lebanon toward Israel since clashes between Israel and Palestinians militants erupted earlier this month. However, experts do not expect Hezbollah, the militant group that dominates power in Lebanon, to take actions to further increase regional tensions.