Foreign creditors urge Lebanon to begin debt restructuring talks
The Peninsula
LONDON: A group of Lebanon's bondholders, including some of the world's biggest investment funds, urged the new government on Tuesday to begin debt restructuring talks as soon as possible to help address a grave financial crisis.
Lebanon defaulted on its international debt in March 2020, after years of political upheaval and economic mismanagement left it unable to service a debt burden that was then worth more than 170% of GDP.
After a year of political deadlock, a new government formed this month under Sunni Muslim tycoon Najib Mikati, with three-quarters of the population now in poverty after one of the deepest depressions of modern history.
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