Lebanon's banks ready to talk to foreign creditors on debt restructure: Report

Protestors attack Bank of Beirut building during protests over economic hardship and lack of new government in Beirut, Lebanon, January 14, 2020. (Reuters)

Lebanon's banks are ready to talk with the country's foreign creditors as the government seeks to restructure its debt, a source familiar with the matter said on Saturday.

Houlihan Lokey has been appointed financial adviser by the Association of Banks in Lebanon to help with the process, the source said.

Lebanon announced on Saturday that it cannot meet its debt payments and halted a March 9 bond payment of $1.2 billion, setting the heavily indebted state on course for a sovereign default as it grapples with a financial crisis.

Read more:

Lebanon will not pay upcoming bond maturities to provide citizens’ ‘basic needs’

Lebanon moves to control spiraling unofficial exchange rate

Lebanese customers feel currency squeeze as dollar crisis worsens

Lebanon state prosecutor suspends order to freeze assets of 20 local banks

SHOW MORE
Last Update: 19:47 KSA 22:47 - GMT 19:47
Top