Lebanon Bonds Pull Back From the Precipice as Default Fears Wane - Bloomberg:
Investors who pushed Lebanese bonds to the edge of a cliff are turning more confident that one of the world’s most indebted countries will maintain its unblemished record of honoring its obligations.
Lebanese dollar bonds, the worst performers across emerging markets this year after crisis-hit Argentina and Zambia, rallied this week, fueled by a renewed government commitment to urgently repair public finances and an addition of $1.4 billion to central bank reserves.
“The authorities seem to now realize the gravity of the situation and are making a firm and unified call for urgent action,” according to Garbis Iradian, chief Middle East economist at the Washington-based Institute of International Finance.
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