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Lebanon's parliament met Thursday to elect a new president, but did not agree on a successor to outgoing head of state Michel Aoun, despite the unprecedented financial crisis, AFP reported.

Deep divisions among deputies have led to fears that Lebanon could be without a president for months after Aoun's term expires at the end of October, further undermining creditor confidence.

The election of a sitting president in 2016 came after a 29-month delay as lawmakers made 45 unsuccessful attempts to reach consensus on a candidate.

Under Lebanon's long-standing confessional power-sharing system, the presidency is reserved for a Maronite Christian.

No candidate has emerged as the favorite, but among the contenders are Aoun's son-in-law Gebran Bassil, a former foreign minister under U.S. sanctions, and veteran politician Suleiman Frangier. 

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