Lebanon to default on debt for first time amid financial crisis

Country was due to repay a $1.2bn Eurobond this month but will seek to restructure its debts

Lebanon said on Saturday it would default on its Eurobond debt for the first time and seek out restructuring agreements amid a spiralling financial crisis that has affected foreign currency reserves.

The country, hit by a severe liquidity crunch and months of anti-government protests, was due to repay a $1.2bn (920m) Eurobond on 9 March, while another $700m matures in April and a further $600m in June.