Government announced cutting down state spending as a measure to fix issue. FMTNews Lebanon
BEIRUT: Lebanon, shaken by street protests and economic crisis and now set to default on its Eurobond debt, has pledged reforms that will serve as a litmus test for its new government.
Prime Minister Hassan Diab said Saturday his government would suspend payment of a US$1.2 billion Eurobond maturity due on Monday and seek debt restructuring because of dwindling foreign currency reserves.His self-styled technocratic government, nominated in January to tackle a financial meltdown and unprecedented anti-government protests, must now prepare for talks with creditors and decide on whether to a seek the help of the International Monetary Fund.
Despite its turbulent history, the small Mediterranean country has never before defaulted, but in recent months it has grappled with its worst economic turmoil since the 1975-1990 civil war. Last week it said it rejected conditions and “ready-made recipes” which global bodies could impose, warning against what it called “foreign guardianship” over the economy.
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