Lebanese Economy Minister Raoul Neama said that the negotiations aimed at restructuring his country's debt in foreign currencies will not take more than nine months if the intentions are concluded, while the country is going to default on the payment of sovereign debts for the first time.

"The negotiation process extends for months, and if we have goodwill, we do not go for more than nine months," Al-Jadida TV quoted on its website, the night before last, Nima as saying.

"The government is now awaiting the position of holders of Eurobonds," Nima said, adding that he expected their position to be "positive".

On the possibility of suing Lebanon abroad, he said, it is possible for creditors to file claims against the Central Bank of Lebanon, but they will not win it.

Lebanon has about $ 31 billion in dollar bonds. Sources said that the government will seek to restructure it.

A source familiar with told Reuters yesterday that negotiations are expected to start formally restructuring the debt between Lebanon and holders of the bonds within about two weeks.

Lebanon, which is experiencing a major financial crisis, announced that it cannot pay its debts on time, which includes $ 1.2 billion due, today. Lebanese Prime Minister Hassan Diab called for fair negotiations to restructure the debt.

Lebanon defaulted on its debt payments in foreign currencies, a new stage of the financial crisis that has ravaged its economy since October, and the lira lost about 40% of its value, and prompted banks to impose restrictions on withdrawing deposits, and fueled unemployment and turmoil.

Prime Minister Hassan Diab, in a speech addressed to the Lebanese, and carried by television, said that the country's hard currency reserves reached "critical and dangerous" levels, with the need to meet the basic needs of the Lebanese.

Diab stated that public debt in Lebanon exceeded 170% of GDP, which means that the country is about to be the most indebted in the world.

- Minister of Economy Raoul Neama: It is possible for creditors to file claims against the Central Bank of Lebanon, but they will not win it.