Indebted Lebanon may struggle to refinance as austerity budget makes slow progress - Reuters

Indebted Lebanon may struggle to refinance as austerity budget makes slow progress - Reuters:

Lebanon’s impasse in agreeing a credible fiscal reform plan and deteriorating global market conditions means it may struggle to refinance key foreign currency debts coming due this year, unnerving overseas investors.

Outright default can likely be averted in the short-term by a government financing maneuver involving the central bank and local banks, the main holders of its debt.

But this is only likely to be a stopgap and many foreign funds contacted said they would be reluctant to delve into new Lebanese Eurobonds until they assess reforms.