Crisis-hit Lebanon stumbles toward first debt default

Crisis-hit Lebanon stumbles toward first debt default

BEIRUT: Lebanon appeared Saturday to be headed for its first debt default as top officials indicated they opposed making an upcoming bond repayment amid a spiralling financial crisis.. The country, hit by a severe liquidity crunch and months of anti-government protests, was due to decide Saturday whether to repay a $1.2-billion Eurobond maturing on March 9.. The presidency on Monday said an economic rescue plan would include "financial, administrative and banking reforms," without providing additional details.. According to local media reports, Lebanese banks have recently sold a chunk of their Eurobonds to foreign lenders.. Diab met last month with a delegation from the International Monetary Fund to discuss how to tackle the country's spiralling economic crisis.. The premier asked the Washington-based crisis lender for advice, but has to ask for financial assistance.. "Lebanon needs first and foremost an imminent debt restructuring plan within the context of a comprehensive plan for debt management," he told AFP.. UK puts pressure on UN for Syria aid details ahead of likely showdown with Russia /node/1638126/middle-east.