March 23, 2020 / 11:14 AM / 6 days ago

Lebanon to stop paying all dollar Eurobonds -finance ministry

BEIRUT, March 23 (Reuters) - Lebanon will discontinue payments on all its foreign currency Eurobonds, the finance ministry said on Monday, as the government seeks to devise a rescue plan for the country’s crippling financial crisis.

The statement said “the government has decided to discontinue payments on all its outstanding $US-denominated Eurobonds” and the ministry will hold an investor presentation on March 27.

The heavily indebted state had suspended this month a $1.2 billion Eurobond repayment and declared it could not meet debt maturities due to pressure on foreign currency reserves.

Reporting by Eric Knecht and Ellen Francis; Editing by Catherine Evans

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