Lebanon in 'final hours before' declaring it cannot pay its debts: senior MP

Lebanon is in 'the final hours before' formally announcing it cannot p...

FILE PHOTO: Lebanese Prime Minister Hassan Diab, presents his government's policy statement to parliament during a session for a vote of confidence in Beirut, Lebanon February 11, 2020. REUTERS/Mohamed Azakir/File Photo

Sources told Reuters on Friday Lebanon was set to announce on Saturday it cannot make upcoming dollar bond payments and wants to restructure $31 billion of foreign currency debt unless a last-minute deal with creditors could be found to avoid a disorderly default. Prime Minister Hassan Diab will announce Lebanon’s decision on the Eurobonds at 6:30 p.m. , just two days before the state is due to pay back holders of a $1.2 billion Eurobond due on March 9.

“There is no use in crying over the ruins ... what is helpful now is starting a rescue plan to get out of the bottom of the abyss as Greece did,” he added, writing on Twitter.

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