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.

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