Lebanon's advisors in talks with bondholders, there is still no agreement
BEIRUT: Lebanon The financial and legal advisors are in talks with the holders of their dollar-denominated debt in a restructuring, but have not reached an agreement, a source close to the government said on Monday.
The country is widely expected to restructure the sovereign bonds after a long-brewing economic crisis, which came to a head last year as capital inflows slowed and protests erupted against Lebanon 's ruling elite over corruption and bad governance.
Lebanon has said it will announce a decision this week regarding its Eurobonds, which include a March 9 maturity of $1.2 billion. Lebanon also has Eurobonds maturing in April and June.
Beirut Last week, Lazard Bank and Cleary Gottlieb Steen&hamiltonlawfirmweretheirfinancialandlegaladvisorsintheexpecteddebtrestructuring.
"They are working day and night" to reach an agreement on an orderly restructuring, the source said, adding that Lebanon 's decision on the March 9 Eurobond must be announced by March 7.
Banks are imposing strict restrictions on access to deposits and transfers abroad, while it has weakened by almost 40% of their officially set rate.
Emerging markets investment manager Ashmore Group has attracted attention in Lebanon for accumulating more than 25% of the $2.5 billion of sovereign debt maturing in 2020, including $1.2 billion maturing on March 9, according to sources citing Bloomberg News data until the end of 2019.