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Lebanon will default on its debt for the first time ever

Beirut, Lebanon – Lebanese Prime Minister Hassan Diab announced on Saturday that Beirut will not repay a $1.2bn Eurobond due next week and will instead seek to restructure its massive debt as the country’s dollar reserves dwindle amid an acute financial crisis. In a televised address to the nation, Diab said the “difficult decision” to…

Lebanon will default on its debt for the first time ever

Beirut, Lebanon – Lebanese Prime Minister Hassan Diab announced on Saturday that Beirut will not repay a $1.2bn Eurobond due next week and will instead seek to restructure its massive debt as the country’s dollar reserves dwindle amid an acute financial crisis.
In a televised address to the nation, Diab said the “difficult decision” to default for the first time in Lebanon’s history had been made in order to “secure the basic needs for people”.
More:

Lebanese judge suspends prosecutor’s order to freeze bank assets

Most Lebanese MPs oppose paying debt even if it means default

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