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Lebanon refused to pay debts on Eurobonds

US, WASHINGTON (NEWS OBSERVATORY) — Lebanese Prime Minister Hassan Diyab said the country’s inability to pay debts on Eurobonds and the beginning of negotiations with creditors on debt restructuring.

Earlier on Saturday, the Lebanese government unanimously voted for non-payment of debts on Eurobonds, which must be paid on Monday, due to lack of financial opportunities.

“Our hard currency holdings reached a dangerous level, which prompted Lebanon to suspend the March payment of debts on Eurobonds,” Diyab said in a television appeal.

“The Lebanese authorities will seek to restructure the debts in accordance with the interests of the people, starting negotiations with creditors,” the prime minister said.

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