While the recent Saudi-Iran deal, mediated by China, gave the Middle East some hope, it placed uncertainty on Lebanon, where a months-long presidential vacuum has aggravated the country's institutional stagnation and a long-standing economic catastrophe. Lebanon, a small Mediterranean nation whose governing elite has historically been associated with foreign powers to maintain influence and economic stability, has suffered as a result of the rivalry between Iran and Saudi Arabia. The Lebanese pound lost more than 90% of its value in 2019 due to an economic catastrophe, and the ruling class—which has been widely held responsible for the financial collapse—failed to stop the currency's precipitous decline. Since last year, the nation has only had a caretaker administration and no president. The deal between Saudi Arabia and Iran, which is expected to result in the full restoration of diplomatic ties between the two nations after a seven-year break, has the power to alt...
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