Lebanon to default on Eurobond debt: PM Hassan Diab

'The Lebanese state will seek to restructure its debts'

Last updated: March 07, 2020 | 21:04

1 MIN READ

Bank du Liban in Beirut. Growing deposits from the Lebanese diaspora supports the ability of Lebanon’s banks to continue financing the high and increasing government debt burden.

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Beirut: Lebanon said Saturday it would default on its Eurobond debt for the first time and seek out debt restructuring agreements amid a spiralling financial crisis that has hit foreign reserves.

Foreign currency reserves have fallen to "a worrying and dangerous level which pushes the Lebanese government to suspend payment of the March 9 Eurobond maturity because of a need for these funds," Prime Minister Hassan Diab said in an address to the nation.