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1966: A banking crisis hits Beirut and temporarily slows Lebanon's vibrant economy.
A commercial banking crisis slows the go-go banking industry of Beirut, which at mid-century had been the repository of choice for oil money from Saudi Arabia and the Gulf states. Beirut, the "Switzerland of the Middle East," was also a favored destination of the European and American elite. After the banking crisis settles, the Lebanese economy will be strong again until the civil war in 1975.
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