Lebanon To Default On Its Debt Payments

BBC: Lebanon to default on debt payments for first time as crisis deepens

Lebanon is to default on a foreign debt payment for the first time in its history as the country struggles with a major financial crisis.

Prime Minister Hassan Diab said Lebanon would not be making a bond payment of $1.2bn (£900m) due on Monday.

"The debt has become bigger than Lebanon can bear, and bigger than the ability of the Lebanese to meet interest payments," Mr Diab said.

Lebanon has been struggling since the value of its currency plummeted.

The Lebanese pound has been losing value against the dollar for months, in part because the country's banks have been reluctant to convert local pounds to dollars - leading to an increase in demand for the latter.

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WNU Editor: Lebanon owes $90 billion, and does not have the means to pay back its creditors .... Lebanon freezes $1.2 billion bond payment, seeks restructuring of $90b debt (Gulf News/Bloomberg).

More News On Lebanon Preparing To Default On Its Debt Payments

Lebanon ‘cannot pay’ debt of $1.2 billion -- Arab News
Declaring it cannot pay debts, Lebanon sets stage for default -- Reuters
Lebanon can’t ‘bear brunt’ of debt, says PM, setting stage for first-ever default -- France 24
Lebanon to default on debt amid financial unrest -- DW
Lebanon to default for first time in its history -- Asia Times
Factbox: Lebanon was living a 'delusion' - excerpts from PM's speech -- Reuters