Lebanon PM says country unable to pay foreign currency debt

[TomSea]

Lebanon PM says country unable to pay foreign currency debt

Lebanon's prime minister Hassan Diab has said his country is unable to pay its foreign currency debt and is set to default.

The Middle Eastern nation is currently in the middle of a major financial crisis, with the value of its local currency falling by about 40% since October and mass protests against the authorities taking place.

The move to not pay maturing Eurobonds and to launch negotiations with creditors was taken unanimously at a cabinet meeting, it is reported.

Read more at: https://news.sky.com/story/lebanon-pm-says-country-unable-to-pay-foreign-currency-debt-11952008