Showdown looms as Lebanon to default on $1.2bn debt
Talks will be complicated by high foreign ownership of some of the bonds
08 March 2020 - 20:56
Beirut — Lebanon is about to enter the crucial first phase of talks aimed at renegotiating its $30bn in Eurobonds after saying at the weekend it won’t pay dollar debt coming due on Monday.
The government’s declaration on Saturday that it won’t repay the $1.2bn Eurobond puts the country on course for the first default in its history as it copes with dwindling foreign-currency reserves and inflation running in double digits. Talks will be complicated by high foreign ownership of some of the bonds and political divisions that have left the economy on the ropes...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.