Lebanon's bank association says debt restructuring must minimize damage to depositors

A bank in Lebanon is fortified after protests saw banks burned across the country. (Samira Nati)

Lebanon’s banking association has called for a government debt restructuring that minimizes damage to its nearly 3 million domestic bank depositors, part of recommended amendments to a government rescue plan seen on Wednesday.

The association, which has heavily criticized Beirut’s rescue plan for relying heavily on bank sector contributions, proposed a government debt defeasance fund with a contribution of $40 billion in public assets.

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Last Update: Wednesday, 20 May 2020 KSA 14:23 - GMT 11:23