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.
Late last month, the government appointed Cleary Gottlieb Steen & Hamilton LLP as a legal adviser on the country's Eurobond debt and financial advisory and asset management firm Lazard as a financial adviser. 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.
"How could we pay creditors while hospitals are subject to medical supplies shortages? While we cannot provide health care services to our citizens?," he added.
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Lebanon appears unable to pay back $1.2B EurobondLebanon's prime minister said Saturday the government will suspend payment of $1.2 billion in loans, marking the crisis-hit country's first-ever default on its sovereign debt. 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 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 Corrupt nation.
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Source: CP24 - 🏆 30. / 67 Read more »
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