How a Feud Over Libya's Central Bank Could Restart its Civil War

After years of civil war within Libya, a new economic crisis emerges following the suspension of oil production. In this video, we're taking a look at how we got here and why this is terrible news for the already-frail economy.

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UPDATE: Last night, the two sides signed an "in principle" to jointly appoint a new governor within 30 days, and some oil production has resumed. However, who actually replaces Kabir is yet to be decided, and until the two sides actually agree on a candidate, tensions will probably persist.

[philliphartman]

Two rival armies sharing revenues and a banking system is one of the wildest scenarios I've ever heard of.

[samelmudir]

its already old news and a new central bank governor has been appointed

[bwhog]

Libya's oil is also very high quality and easily refined. That makes it especially valuable.

[ComicallyLargeSpoon]

You're forgotting to mention that the "UN backed" west government was supposed to be a transitional government that overstayed their welcome

[ArAnXx]

babe wake up, new war, pain and suffering just dropped

[hmidlashkham]

Correction: All sides of every conflict in Libya did not support but tolerated Al-Siddiq Al-Kabir because he paid every sides' militias' salaries. At points two factions would be actively fighting and both would be paid by the same central bank. The western government ousting him made the east angry not because they supported Al-Kabir, but because they saw it as a power grab and an attempt to cut off the east's finances

[A.Severan]

It's surprising to many that Libya remains the richest and most educated country with the highest HDI, literacy, and GDP per capita & ppp in its region and mainland continent despite the civil war.

However, when you consider the broader context, fewer than 2, 000 civilians were killed in Libya over the last 10 years-a figure significantly lower than in other conflict zones like Ethiopia, Yemen, Syria, or Ukraine, where hundreds of thousands have recently been killed within a fraction of that time.
The situation in Libya isn't as dire as some might believe, and the data supports that view. It's very hard to undo many decades of progress that was on par with or rivaled the west.

[Edwardbanks]

I see Libya got the Somalia treatment. Overthrow dictator, then country run by warlords. Power vacuum invites more chaos. Then country split between two strong factions that cannot unite country. Keep stalemate in place while the people suffer. This is Somalia today and this is also Libya as well.

[azovianace]

I love how you missed the small funny part of france supporting warlord haftar over a UN recognised government along with UAE and Egypt

[derar]

Actually this is a good thing. Oil money is going to waste so why not just halt production and put more pressure on both parties.

[tjadams]

"Haftar decided he'd had enough..." Almost like the CIA hadn't housed him in Falls Church, Virginia for 30 years (along with 300 others around the US) waiting for this EXACT moment.
You mention "NATO backed Rebels" but not a word about the CIA with Haftar?

[CHMichael]

Arab spring doesn't seem to have been an improvement. Some areas are just not ready for democracy.
It requires informed voters something we seem to be losing.

[typo]

Libya having a higher gdp per capita than the US just shows how flawed of a metric gdp per capita is

[MJ-dize]

Man as a young kid brainwashed by YouTube media I use to feel bad for gadaffi and the way he died. Now as an adult I can say gadaffi got off easy (including the knife situation)

[Kkm-freefree]

كان شرحا جميلا و مختصراً 🇱🇾 يصف حاله بلدي....
عن نفسي و أغلب شعبي لا نهتم كثيرا حقا
بمن سيحكم فقط تعبنا من الحرب
و دعني أقل أن هذا يصف الأحداث الأخيرة لا أكثير لو تعمقت سترى فوضى أكبر مثلا حالة الجنوب بشكل عام الإقتصاد الناس الإتفاق الذي أبريم في 2011 إمتصاص ثروات اليورانيوم و الفسفور و ربما الحديد ...إلخ

[simonburrows]

omg their politics is an absolute nightmare

[batprime]

Another reason for oil companies to jack up their prices.

[معتصمالضراط]

holy crap we can never rest bro, these civil wars got many of my people killed like i dont understand what they are fighting for

[mroof]

As an American, I feel pandered too. Thanks bruv