Hassan Diab made the announcement in a televised address to the Lebanese people, saying the country will seek to restructure its massive debt. The $1.2 billion Eurobond matures on Monday.
Diab said Lebanon's debt reached $90 billion or 170% of GDP making it one of the highest in the world. He added that the total debt and interest Lebanon had to pay back in 2020 is at $4.6 billionDiab said Lebanon's foreign currency reserves “have reached a critical stage” leading the government to suspend its debt payment so that it can continue to provide basic commodities to the Lebanese people.
Diab's 6-week-old government is grappling with a severe financial and economic crisis that has led to months of protests and upended trust in the Lebanese banking system. The issue of whether to make the $1.2 billion Eurobond payment was among the first tough decisions his Cabinet had to make.
Corrupt nation.
rexglacer Which they had no intention of paying to begin with. Wait until world banks walk into Canada because of The Turd justintrudeau. We won't know what hit us. Our kin will soon not even be able to pay interest. cdnpoli TrudeauMustGo twatwaffle
Nothing new you just don't hear about it since it's not important to Canada. Lebanon has been taking on debt from othe countries for 25 years+, now the loans cannot be paid back cause leaders stole all the money and the people can't live any more since the country is poorly run