March 6, 2020 / 10:11 AM / a month ago

Lebanon in "final hours before" declaring it cannot pay its debts-senior MP

BEIRUT, March 7 (Reuters) - Lebanon is in “the final hours before” formally announcing it cannot pay its debts, senior MP Alain Aoun wrote on Twitter on Saturday, as the president, prime minister and parliament speaker met ahead of an official declaration later in the day.

Sources told Reuters on Friday Lebanon was set to announce on Saturday it cannot make upcoming dollar bond payments and wants to restructure $31 billion of foreign currency debt unless a last-minute deal with creditors could be found to avoid a disorderly default.

Prime Minister Hassan Diab will announce Lebanon’s decision on the Eurobonds at 6:30 p.m. (1630 GMT), just two days before the state was due to pay back holders of a $1.2 billion Eurobond due on March 9. (Writing by Tom Perry; Editing by Alison Williams)

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