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| Lebanon defaults on its $1.2 bn Eurobond debt, PM says corruption ‘has eaten the state’ | Lebanon defaults on its $1.2 bn Eurobond debt, PM says corruption ‘has eaten the state’ |
| (32 minutes later) | |
| Lebanon’s PM Hassan Diab has announced his country is unable to pay the $1.2 billion Eurobond due on March 9 and will default for the first time. This comes amid a government crisis and currency plummeting by 40 percent. | Lebanon’s PM Hassan Diab has announced his country is unable to pay the $1.2 billion Eurobond due on March 9 and will default for the first time. This comes amid a government crisis and currency plummeting by 40 percent. |
| The move to not pay the outstanding debt and to launch upcoming negotiations with creditors was made unanimously at a cabinet meeting before Diab made the announcement on Saturday. | The move to not pay the outstanding debt and to launch upcoming negotiations with creditors was made unanimously at a cabinet meeting before Diab made the announcement on Saturday. |
| This decision marks the country's first ever default on its sovereign debt. | This decision marks the country's first ever default on its sovereign debt. |
| Diab says it is impossible to pay creditors at a time when his own country faces so many struggles. | |
| "How can we pay creditors outside while Lebanese cant get their money from their bank accounts? How can we pay creditors while hospitals have a shortage of medical supplies? How can we pay to the creditors while there are people on the streets who cant afford to buy bread?" he said. | |
| Lebanon's debt is now equal to 170 percent its GDP (gross domestic product), which the president says is more than the country can currently "bear." |