Market Breathes Relief After Lebanon Disavows Debt Restructuring - Bloomberg:
The bond market is finally taking Lebanon’s government at its word after top officials struggled to reassure investors panicking over the risk of debt restructuring.
Lebanese dollar bonds rose the most in almost a month on Monday, recovering after a plunge to a record low last week when initial efforts at damage control failed to calm markets. In a meeting on Sunday that included the president, the caretaker prime minister and the central bank, the officials said Lebanon was discussing how to reduce the budget deficit and implement fiscal reforms -- but would not restructure its debt.
“The issue of restructuring the public debt isn’t on the table at all,” caretaker Finance Minister Ali Hasan Khalil read from a statement after the meeting, which was also attended by the minister of economy and the head of the country’s bank association.
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