Lebanon to default on debt amid financial unrest – Times of Oman

Lebanon to default on debt amid financial unrest – Times of Oman

Lebanese Prime Minister Hassan Diab on Saturday confirmed the country would default on its debt for the first time.. The prime minister said Lebanon is unable to repay debt maturities due to the ongoing economic crisis facing the Middle East country, which has led its foreign currency reserves to hit critical levels.. The Lebanese state will seek to restructure its debts, in a manner consistent with the national interest, by entering into fair negotiations.... Local banks, who are the main lender in Lebanon, have argued against debt default, saying it would harm the banking sector and damage its standing with foreign creditors..