Beirut Riots Cause Premier to Step Down : Unrest: He acts ‘to save the country’ as currency collapse, inflation bring Lebanon’s worst economic crisis in 48 years.

Lebanon’s worst economic crisis in its 48 years of independence resulted in the resignation of its prime minister Wednesday.

“I have resigned to save the country,” Omar Karami announced after a three-hour meeting with President Elias Hrawi.

The resignation is expected to quell the angry reaction to the near-collapse of the country’s currency and inflation that has driven merchants to switch to dollar pricing.

On Wednesday, Beirut streets belonged to roving bands of youths wielding iron bars and 2-by-4s.

In predominantly Muslim West Beirut, chants of “Allahu akbar!” (God is great) were heard.

Banks and money-changing shops were prime targets, but since most businesses are protected with metal shutters or grills, there was no serious damage.

Rubbish-filled garbage dumpsters were rolled into the middle of the streets and turned over, then the contents set ablaze.

Similar demonstrations were held throughout Lebanon, with roads blocked by burning tires. Skies blackened by smoke were reminiscent of the 15 years of civil war.

Beirut shopkeepers stood warily near their stores during the rampage.

One news agency quoted a merchant as saying: “I want to be here to defend my property. I don’t want to be looted like it happened in Los Angeles.”

Lebanese security forces did not intervene as demonstrators set up burning roadblocks, but troops took up positions when crowds began smashing windows and threatened to loot shops. The 7,000 Syrian troops who police Beirut were noticeably absent from the streets.

Traffic was negligible as the city’s business sector observed the first day of a four-day strike called by unions.

Security was increased around government offices and Cabinet ministers’ residences.

On Monday, the southern Lebanon home of Minister of Finance Ali Khalil was attacked and partially burned.

Karami, a Sunni Muslim, headed a 30-man Cabinet for 16 months without finding basic solutions to Lebanon’s economic ills.

In the last six weeks, the Lebanese pound fell from 880 to the U.S. dollar to a record 2,100 to the dollar and caused prices to soar.

Also, accusations of corruption and mismanagement have plagued Karami’s government, which includes leaders or representatives of all of Lebanon’s once-warring factions.

Karami has had the support of Syria, the main power-broker in Lebanon, and it is expected that he will be re-designated prime minister and charged with forming a new Cabinet.

Even though Karami might appoint several technocrats to cope with the economic crisis, the Cabinet would be expected to retain its pro-Syrian, half-Christian, half-Muslim character.

Traditionally, Lebanon’s president has been a Maronite Catholic, as is Hrawi, and its prime minister a Sunni Muslim.