Lebanon to Decide on Bond Repayment at Cabinet Session Saturday
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.
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
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