Lebanon announced today, Saturday, a "suspension" of repayment of Eurobond bonds, which will be due after two days, in default of debt payments for the first time in its history, with its emphasis on seeking to negotiate debt restructuring in light of a financial crisis that extends reserves in foreign currencies.
In a letter addressed to the Lebanese, Prime Minister Hassan Diab said that the reserves "have reached a critical and dangerous level, which is pushing the Lebanese government to suspend the maturity of 9 March of Eurobonds."
He added, "The Lebanese state will seek to restructure its debts in a manner consistent with the national interest by entering into fair and well-intentioned negotiations with all creditors."