Things must be called by their name.
The Gap Law is neither a reform nor a legal framework nor a rescue plan. It is a law of massacre.
An economic, social, and moral massacre, carried out in the name of a technocratic ideology that has decided that wiping out depositors is the price to be paid for settling the State’s failures.
Anyone who signs such a law is not reforming.
They are erasing.
They are erasing depositors’ money, the middle class, trust, and the real economy—and with them, any prospect of national recovery.
A Law That Destroys the Economy Instead of Saving It
Under the pretext of “bridging the financial gap,” the Gap Law methodically destroys the very foundations of the Lebanese economy. It liquidates banks, paralyzes credit, annihilates savings, and condemns any sustainable recovery. An economy without banks, without deposits, without trust, and without enforceable claims is not a reformed economy—it is a dead economy.
This law heals nothing. It buries.
And yet, Nawaf Salam dares to speak of justice, transparency, and accountability. This discourse is a political mirage. For the Gap Law rests on a principle unprecedented in modern Lebanese history: the state owes nothing to anyone anymore. It can destroy or confiscate and then declare general insolvency as a final absolution.
Nawaf Salam’s Mirages
Nawaf Salam is selling an illusion. He promises the restitution of deposits while writing in black and white that such restitution will depend on “available resources.” In other words, if the state cannot pay, it will not pay.
He promises justice while legalizing injustice.
He promises transparency while locking in impunity.
He promises to end the erosion of deposits while engraving that erosion into law.
This is not an error of judgment. It is a deliberate political choice.
Amer Bsat’s Lies
Amer Bsat, for his part, wraps this operation in economic jargon. He speaks of bonds, of “realistic” solutions, of modern frameworks. In reality, he is selling depositors' financial paper with no guarantees, no credible maturity, and no real economic value.
Turning deposits into fictitious bonds is not restitution.
It is deferred confiscation.
Claiming that there is “no haircut on the principal” when the principal itself becomes unrecoverable is pure economic deceit. These instruments fix nothing; they are designed to remove depositors from balance sheets, clean up accounts, and close the file.
A Law Written for Kulluna Irada’s Agenda
This must be said clearly: the Gap Law is not a Lebanese law.
It is an ideological law, written to serve the agenda of Kulluna Irada and its ecosystem, which for years has advocated the liquidation of the banking sector, the erasure of public debt, and the full socialization of losses onto citizens.
This agenda does not seek to save the economy. It seeks to reset it on the ruins of the old society, even if that means sacrificing millions of Lebanese in the name of doctrinal purity.
The IMF serves here as a technical shield.
Kulluna Irada provides the ideological blueprint.
The Salam government executes.
Signing This Law Means Signing Against Depositors
There is no longer any ambiguity.
Signing the Gap Law means:
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legalizing the erasure of deposits,
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absolving the State of its financial crimes,
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destroying the banking system without an alternative,
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condemning any economic recovery,
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and definitively breaking the contract between the State and its citizens.
No society can rebuild on such a foundation. No economy can be reborn after such an act.
A Law That Will Remain a Historical Stain
The Gap Law will endure.
It will endure as the law that turned theft into public policy.
As the law that made the State’s bankruptcy an excuse to massacre private savings.
As the law that buried Lebanon in the name of cynical “realism.”
Those who carry it today will not be able to say tomorrow that they did not know.
They knew.
They chose.
And history will remember that, faced with collapse, they chose to erase depositors rather than assume their responsibilities.
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