Lebanese Minister Says ‘Definitely’ No Plans to Restructure Debt

Lebanon’s caretaker economy minister said there are no plans to restructure debt after the finance minister was quoted as saying the move was being studied, Bloomberg News reported. “There’s definitely no restructuring for debt,” Raed Khoury said Thursday in a phone interview. “Bondholders and depositors are extremely safe.” Lebanese dollar bonds due 2028 plummeted after Al-Akhbar newspaper cited Finance Minister Ali Hasan Khalil as saying planned fiscal reforms include a debt overhaul. Yields jumped the most since the notes were issued in 2015. The minister didn’t immediately respond to questions sent by Bloomberg. Caretaker Deputy Prime Minister Ghassan Hasbani also said he isn’t aware of any “tangible potential decisions” to restructure the country’s debt. "These are merely thoughts, but they require a full cabinet discussion and agreement around the budget," Hasbani said. Read more