August 2, 2019 / 9:30 AM / 4 months ago

Lebanon CDS soar to record high after president says economic sacrifices needed

LONDON, Aug 2 (Reuters) - The cost of insuring exposure to Lebanon’s sovereign debt rose to a record high on Friday after the president warned of the risk of harsh financial measures from international institutions unless sacrifices are made to save the country from economic crisis.

Lebanon’s five-year credit default swaps (CDS) rose to 990 basis points (bps), up 33 bps from Thursday’s close, data from IHS Markit showed.

President Michel Aoun on Thursday appeared to raise the possibility of Lebanon having to go to the International Monetary Fund for help if government reform efforts failed to bring enough improvement to state finances. (Reporting by Tom Arnold; Editing by Alison Williams)

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