Ratings agency Moody’s downgraded Lebanon this week from Caa1 to Caa2, putting the country a whopping eight notches below investment grade and just two above an "in default" rating. This comes as yet another sign of what increasingly seems like the country’s impending economic collapse.

“Widespread social protests, the resignation of the government and loss of investor confidence have further undermined Lebanon's traditional funding model based on capital inflows and bank deposit growth, threatening the viability of the peg and macroeconomic stability,” the firm says. (CONTINUED - 121 WORDS)