Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Lebanon Pays $71 Mln in Eurobond Interest

Lebanon Pays $71 Mln in Eurobond Interest

Wednesday, 26 February, 2020 - 19:30
A man walks past concrete barriers erected by authorities to block a street leading to the parliament building in Beirut, Lebanon January 24, 2020. (Reuters)
Asharq Al-Awsat

Lebanon on Wednesday paid $71 million in coupons due on Eurobonds maturing in 2025 and 2030, a source familiar with the matter said according to Reuters, a day after appointing legal and financial advisers for a widely expected debt restructuring.

Lebanon, grappling with an unprecedented financial crisis and a hard currency liquidity crunch, is under pressure to decide what to do about its looming sovereign debt maturities, the first of them a $1.2 billion Eurobond due on March 9.

The government on Tuesday appointed investment bank Lazard and law firm Cleary Gottlieb Steen & Hamilton LLP as its financial and legal advisers.

Lebanon is one of the world’s most heavily indebted states with public debt equivalent to more than 150% of its GDP. Its long-brewing economic crisis came to a head last year as capital inflows slowed and protests erupted against the ruling elite.

Editor Picks