Report: Intl. Economists in Lebanon Caution on Crisis

A group of economists working in international financial institutions cautioned that the economic crisis in Lebanon has reached a “very dangerous” stage and the Lebanese government must not rush decisions related to “major issues,” al-Joumhouria daily reported on Tuesday.

The group of economists, which consists of Lebanese holding “important” positions in international financial institutions, had arrived in Lebanon recently, said the daily.

They held meetings with: members of a sub-committee from the Parliamentary Budget and Finance committee, with Free Patriotic Movement chief Jebran Bassil, and head of the Lebanese Forces Samir Geagea.

The group, visiting Lebanon “voluntarily,” reportedly cautioned during meetings with officials that the crisis has reached “dangerous and negative” levels requiring “urgent and qualitative” measures to ward off economic collapse.

According to the daily, they said that the new government of PM Hassan Diab “must not rush decisions related to major issues,” supposedly related to whether it will restructure its Eurobonds, including a $1.2 billion Eurobond maturing in March.

The government still has to decide whether it should restructure or pay its $2.5 billion Eurobonds, including a $1.2 billion Eurobond maturing in March, $600 million maturing in April, and $700 million in June.

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