Yesterday, the Lebanese Prime Minister, Hassan Diab, announced the suspension of the repayment of the debts due on the ninth of March, for the first time in the history of Lebanon. He said in a press conference yesterday that the debt has become greater than Lebanon's ability to pay and greater than the Lebanese ability to pay its benefits. .
Diab continued: “Corruption and waste wasted the state’s burden, and we will engage in fair negotiations to restructure debts. The government will present a plan to regulate the relationship between banks and depositors, and the banking sector must be restructured, and the government will work to protect citizens’ deposits, especially small deposits, ”pointing out that the total debt The year exceeded 90 billion dollars, which constitutes more than 170% of the GDP, and he confirmed that nearly 40% of the Lebanese are below the poverty line. Before Diab's announcement of the suspension of the debt repayment, the Lebanese presidency said in a statement yesterday, after a high-level meeting in Baabda Palace, that senior Lebanese leaders are opposed to paying the debts due soon, after a meeting attended by the Lebanese President, Michel Aoun, and the Prime Minister, Hassan Diab Parliament Speaker Nabih Berri, Governor of the Central Bank, Riad Salama, and President of the Association of Banks, Salim Sfeir. “Based on the options and perceptions available, the meeting unanimously decided to stand with the government on whatever option it will adopt in the area of debt management, except for the payment of debts due,” said the statement, which was read out by the Director General of the Lebanese Presidency, Antoine Choucair.
The meeting discussed the issue of debts and financial and economic conditions in Lebanon, and the necessary measures to face the financial crisis. During the meeting, the financial conditions and the surrounding circumstances were presented before the due date of the Eurobond bonds.