Cash-Strapped Lebanon Faces 2 Crises: COVID-19, Financial Collapse

Cash-Strapped Lebanon Faces 2 Crises: COVID-19, Financial Collapse

Some international holders of Lebanon's more than $30 billion Eurobonds are reportedly broadly supportive of the proposal.. The general mobilisation period, which was first implemented on March 15, will continue until April 26.. It calls for the overall restructuring of the banking sector in Lebanon with both the Central Bank and the private banks, mainly readjusting their capital in line with the losses, forcing the merging of banks and eventually ending the Lebanese pound's peg on the dollar.. The plan, which is still being discussed by cabinet, was drawn up after Lebanon defaulted on its hefty foreign currency debt last month.. Lebanon: Banks to Apply New Exchange Rate, 2,600 Pounds Per Dollar.