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Lebanon’s sovereign default: Turning misfortunes into opportunities

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20 Mar 2020 14:46:32

This is a guest blog on behalf of the Arab NGO Network for Development (ANND) by Dr Hassan Sherry, Adjunct Lecturer, Department of Economics, Lebanese American University A crisis unfolds For the first time in its one hundred year history,  Lebanon has defaulted on its debt after its government opted not to repay a US$ 1.2 billion Eurobond that reached maturity on 9 March. Although it can be difficult to predict sovereign defaults, the decision comes as no surprise. Lebanon has been marching down an unsustainable economic path for almost a decade now.  Prime Minister Hassan Diab put the country's total public debt at approximately US$ 90 billion or 170 per cent of GDP – the world’s largest debt-to-GDP ratio after Japan and Greece. The unsustainable debt figures are attributed ...
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