Lebanon pays $71 million in coupons due on Eurobonds: Source

A man heads to the Lebanese central bank, in Beirut, Lebanon. (File photo: AP)

Lebanon on Wednesday paid $71 million in coupons due on Eurobonds maturing in 2025 and 2030, a source familiar with the matter said, a day after appointing legal and financial advisers for a widely expected debt restructuring.

Lebanon, grappling with an unprecedented financial crisis and a hard currency liquidity crunch, is under pressure to decide what to do about its looming sovereign debt maturities, the first of them a $1.2 billion Eurobond due on March 9.

READ MORE: Lebanon eurobond crisis: Default, haircut, restructuring, refinancing explained

The government on Tuesday appointed investment bank Lazard and law firm Cleary Gottlieb Steen & Hamilton LLP as its financial and legal advisers.

Lebanon is one of the world’s most heavily indebted states with public debt equivalent to more than 150 percent of its GDP. Its long-brewing economic crisis came to a head last year as capital inflows slowed and protests erupted against the ruling elite.

Last Update: 14:45 KSA 17:45 - GMT 14:45