Lebanon currency hits new low after vote, crisis deepens

BEIRUT (AP) — Lebanon’s pound has hit a new low as deep divisions within the newly elected parliament raised concerns that political paralysis could further exacerbate one of the worst economic meltdowns in history. In the early afternoon on Tuesday, the dollar was selling for 34,000 pounds on the black market, breaking a low of 33,000 pounds to the dollar recorded in January. The new legislature elected May 15 showed no clear majority for any group, but rather a fragmented and polarized parliament divided between pro- and anti-Hezbollah lawmakers. The sides will likely find it difficult to work together to form a new government and enact desperately needed reforms.