Lebanon Won’t Repay Maturing Eurobonds With Economy in Turmoil

Lebanon Won’t Repay Maturing Eurobonds With Economy in Turmoil

Officials in Beirut say government shouldn't repay debt. Lebanon's top officials said the government won't repay maturing Eurobonds including a $1.2 billion note due on Monday, the first step in the country's efforts to stabilize an economy in crisis.. The announcement opens the way for a long-anticipated bond overhaul in a country with one of the world's highest debt loads, dwindling foreign-currency reserves and double-digit inflation.. The notes have mostly traded below 30 cents on the dollar, suggesting the market expects the country to wipe roughly 70% off their value..