Lebanese finance minister denies report he proposed bond swap

Lebanese finance minister denies report he proposed bond swap

Lebanese Finance Minister Ghazi Wazni has denied reports that he proposed a bond swap, and Lebanese banks are yet to respond to his proposal, according to a Reuters source.

Different proposals for Lebanon’s $1.2 billion eurobond payment due March 9 are still being floated. Wazni reportedly suggested Lebanon swap local banks’ holdings in the debt for a new bond paying less interest, and to continue paying the Eurobond debt.

Local outlet al-Akhar first reported Wazni’s proposal, and a Reuters source later confirmed.

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