Lebanon's dollar-denominated Eurobonds hit record low after default decision

Source: Xinhua | 2020-03-10

Lebanon's dollar-denominated Eurobonds retreated by 8.4 cents to hit a record low amid prime minister's announcement of the country's decision to default on its debt, LBCI local TV channel reported on Monday.

Lebanese Prime Minister Hassan Diab announced on Saturday that Lebanon will not be capable of repaying its maturing debt amid severe shortage in foreign reserves liquidity.

Lebanon is expected to start official negotiations with bondholders about debt restructuring within two weeks.

Lebanon holds one of the highest public debts in the world, blamed on the failing policies of previous successive governments.