Lebanon is waiting for bondholders to decide whether they will cooperate in a debt restructuring or pursue legal action against the country following its move to suspend a foreign currency debt repayment, the economy minister said on Monday.
Raoul Nehme told Reuters he did not yet have a sense of what choice investors would make but expected it would take “a few weeks” for them to decide. Lebanon aimed to restructure its debt “once and for all”, he added.
Lebanon’s dollar bonds tumbled to record lows of as little as 17.5 cents in the dollar on Monday as worries about a protracted dispute with creditors mounted.
A retired Lebanese soldier holds a national flag, during a protest in front the central bank headquarters, in Beirut, Lebanon, Monday, May 13, 2019. (AP)