ABL: Lebanon Must Pay Eurobonds due in March

The Association of Banks in Lebanon said on Wednesday that it was necessary for Lebanon to pay $1.2 billion Eurobonds due to be paid in March to “protect depositors, preserve Lebanon’s position in international financial markets and preserve its relations with correspondent banks.”

In a statement, ABL said Lebanon should pay its dues, pointing out that fulfilling Lebanon's financial obligations is a permanent and fixed policy announced and affirmed previously by the Lebanese State.

The association explained that failing to pay Lebanon's external debts is a significant problem and that restructuring the debt in understanding with the creditors requires time and assistance of international institutions.

Crisis-hit Lebanon’s government 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.

Lebanon is passing through an unprecedented economic and financial crisis unprecedented since its 1975-90 civil war.