Lebanon PM says country unable to pay foreign currency debt

Lebanon's PM Hassan Diab says the country will not pay a $1.2bn Eurobond due on 9 MarchLebanon's prime minister has said his country is unable to pay its foreign currency loans and is to default on its sovereign debt for the first time ever.

Hassan Diab made the announcement in a TV address to the Middle East nation which is currently engulfedLebanon has a $1.2bn Eurobond due on 9 March, but Mr Diab said the payment will now be suspended, following cabinet talks. He claimed foreign currency reserves have hit critical levels and the money is needed to meet the basic needs of Lebanese people.Debt has reached $90bn or 170% of GDP - making it among the highest in the world, he claimed.The value of its local currency has fallen by about 40% since October and mass protests have taken place for months against authorities.

That interest is higher than wonga

More refugees for Europe from another failed state

Simple, do what the great unwashed do here and get an amigo loan?

That’s why Britain needed out of EU because many EU countries are in the same boat & we would have ended up bailing them out or writing off debt.

Do you mean: Iran terror gang Hezbollah say...?!

الكم معنا وما معنا 😁

This is just the start of it

👁️✳️👁️

RaniaKhalek

Quick. Send the bailiffs!

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Legal case to claim Universal Credit indirectly discriminates against womenBenefits adviser says she was forced into debt by need to pay childcare costs upfront Not really sure what's stopping the government using the child safe school buildings that they have enough of for every child in the country to have state run child care available for free/cost for every working single mother in the country. Natural monopoly of facilities really. OK. Well, given that men pay the majority of taxes, but women consume the majority of government services, there's a case for discrimination against working men. Yup . Happy international women’s day.
Source: The Independent - 🏆 80. / 59 Read more »