Lebanon to restructure debt if fails to attract int'l support
Moody's rating agency said Monday that Lebanon will have to restructure its debt if it fails to get financial and technical support from the International Monetary Fund (IMF) and international donors, Trend reports citing Xinhua.
Moody's added that Lebanon will risk a complete loss of its economic stability while investors in the private sector will incur heavy losses if international donors do not rescue the country.
Last week, Lebanese caretaker Prime Minister Saad Hariri asked the IMF and the World Bank to offer support for Lebanon in drafting a strategy aimed at saving the economy.
Hariri had also called upon friendly countries of Lebanon to support the country in overcoming its current economic and financial challenges.
Lebanon is facing tough economic circumstances caused by the failing policies of successive governments which led to the accumulation of over 86 billion U.S. dollars in public debt.