illustrative Photo: © bloomberg.com

This is the first default in the history of Lebanon.

The Prime Minister of Lebanon Hassan Diyab announced that the country is unable to repay the debts on Eurobonds. According to the schedule, the payment was scheduled for March 9, but the government voted unanimously to default. Thepage writes about this, citing Reuters, reports zn.ua.

It is noted that the government is ready to start talks with creditors on debt restructuring.

“Lebanon is on the verge of becoming the first country in the world on the level of debt, it is already 170% of GDP. According to world Bank estimates, 40% of the Lebanese people can be in poverty,” said the Prime Minister.

In March, Lebanon had to pay on Eurobonds of $ 1.2 billion in April, $ 700 million in June and $ 600 million Is the first default in the history of Lebanon.

It was reported that Lebanon is experiencing the worst economic crisis since the 1975-1990 civil war years.

According to world Bank estimates, Lebanon is experiencing a recession and warns that the number of people living in poverty may increase from a third to a half of the population. The economic downturn coincides with an anti-government protest movement , which remains mobilized on October 17. The protesters are demanding the elimination of the political class, which they perceive as incompetent and corrupt.