Lebanon to Decide on Bond Repayment at Cabinet Session Saturday
(Bloomberg) --
Lebanon's government will meet in two days to make a final decision on whether it would default or repay a looming $1.2 billion Eurobond maturing next week.
The government will convene at 1 p.m. Saturday, Information Minister Manal Abdel-Samad told reporters after a cabinet meeting. The government's advisers held a presentation for the ministers and explained what the country's options were regarding its looming repayment, the minister said Thursday.
Read more: Desperate for Relief, Lebanon Hatches Plan to Avoid Default
Lebanon last month hired financial advisers Lazard Ltd. and law firm Cleary Gottlieb Steen & Hamilton to help the government decide.
One of the world's most indebted nations, Lebanon is desperate for relief from a burden many economists say is unsustainable.
To contact the reporter on this story: Dana Khraiche in Beirut at dkhraiche@bloomberg.net
To contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Paul Abelsky
©2020 Bloomberg L.P.
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