Report: PM to Announce ‘Rescue’ Plan Besides Decision on Eurobonds
Prime Minister Hassan Diab is expected to announce Lebanon’s decision whether to pay or default on a $1.2 billion Eurobond maturity on March 9, along with a “rescue” plan that the government shall adopt in that regard, al-Joumhouria daily reported on Thursday.
The decision will be announced later this week from Baabda after a senior meeting between President Michel Aoun, Speaker Nabih Berri and Diab. Minister of Finance Ghazi Wazni, Minister of Economy Raoul Nehmeh, Central Bank Governor Riad Salameh and banking association head Salim Sfeir will “likely” attend the meeting, said the daily.
In parallel with the announcement, Diab shall declare a government “rescue plan” while specifying the positive reasons that prompted the government to take its decision not to pay, according to al-Joumhouria.
The matter will be discussed during the cabinet session that will be held today, added the daily.
Intense consultations have been made in the past few hours at the presidency level, premiership and banking senior officials, which according to the daily have all revolved around “defaulting” Lebanon’s debt.
05 March 2020, 11:07
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Make debt payments on time or negotiate a payment plan that will not affect Lebanons international credit ratings as the economy cannot handle continued lowering of Lebanon's credit ratings.
HOWEVER if the credit ratings actually don't mean anything and are corrupt and can be bought behind the scenes then i suppose it makes no difference if you default one or two or a few times and then fix it later with a fixed economy...
Remember the USA went bankrupt in 1913... The whole american economy is based on loans.....
