Lebanon announced it cannot meet its debt payments and halted a March 9 bond pay...
BEIRUT - Lebanon announced it cannot meet its debt payments and halted a March 9 bond payment of $1.2 billion on Saturday, setting the heavily indebted state on course for a sovereign default as it grapples with a major financial crisis.
The crisis is seen as the biggest risk to Lebanon’s stability since the end of the 1975-90 civil war. The Lebanese had “lived a dream that was a delusion as though things were just fine, while Lebanon was drowning in more debt”, he said. He took aim at a banking system that drew capital to the country with dollar interest rates five to 10 times greater than those offered abroad.
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