Lebanon Plunged Into Debts

Lebanon Plunged Into Debts

Lebanese Prime Minister Hassan Diyab announced today that they would not be able to pay the $ 1.2 billion debt due. In addition, the country's public debt exceeded $ 90 billion, Diyab said, announcing that Lebanon would default for the first time in its history. Lebanon declared it could not pay its Eurobond debt and defaulted. The statement came from Lebanese Prime Minister Hassan Diab. Diyab made a televised public statement on Saturday that Lebanon has a total Eurobond bond payment of $ 4.6 billion this year, and the first part of the $ 1.2 billion of that debt expires on March 9 (today), but the payment will be suspended. Diyab said that due to the financial crisis, which has rapidly dissolved its foreign currency reserves, its country has no ability to repay debts that have expired and will seek to restructure its debts. Diyab, which declared that Lebanon would default for the first time in its history, noted that its country's public debt exceeded $ 90 billion. "Lebanon is on its way to becoming the most indebted country in the world. More than 40 percent of Lebanese could find themselves below the poverty line because of previous policies, Lebanese Prime Minister Hassan Diyab said.