BEIRUT (AP) - Bassem Mroue— If the government decides to refinance Lebanon's massive debt, it should be orderly and include negotiations with debt holders as foreign funds are ready for such discussions, the head of Lebanon's banking association said Wednesday. Lebanon is going through its worst financial and economic crisis since the end of the 1975-90 civil war after decades of corruption and mismanagement by the ruling elite. Nationwide protests broke out in mid-October against the country's rulers, after which banks closed for two weeks, triggering a run on the banks and worsening the crisis. Chairman of Association of Banks in Lebanon Salim Sfeir made his comments after meeting Prime Minister Hassan Diab, during which they discussed Eurobond debt due in 2020 worth $2.5 billion.

The first to mature are Eurobonds worth $1.2 billion on March 9, and Lebanese officials have been discussing whether to pay on time as they have always have or default. Sfeir's comments came a day after Fitch Ratings said Lebanon's financial situation points to a likely restructuring of the country's debt and financial sector to preserve declining foreign currency reserves. Sfeir said in a statement after the meeting that if the government makes a decision on rescheduling the debt they should "negotiate with bond holders especially foreign funds who have expressed until now readiness to negotiate." "Any decision regarding Eurobonds is a decision that should be taken by the government only in accordance to what it sees as the good of Lebanon," he said, adding that the bank association's aim is to preserve the money of depositors.

by reuters.com -- Issam Abdallah, Alaa Kanaan - Sick of Lebanon’s political instability, Habib Rahhal had been mulling leaving since 2018 to seek a better future. But the final straw came in November when he was unable to get money out of the bank because of a national financial crisis. He stepped up his job search abroad and found one in Germany. The digital product designer left Beirut for Berlin this month, intending to build a new life and joining a growing wave of Lebanese driven abroad by the crisis. “Typically, if someone is leaving, you would be upset and try to persuade them not to. In Lebanon, it is the opposite... The first thing they say is ‘Congratulations!’,” Rahhal, 27, said as he packed his bag. “This is what makes Lebanese happy these days - leaving the country.”

Lebanon’s economic crisis is widely seen as the most acute since independence from France and worse than any it endured during the 1975-90 civil war. Long in the making, the crisis came to a head last year as flows of capital into the country slowed down and protests erupted against a ruling elite that has overseen decades of state corruption and bad governance. Banks have imposed tight limits on access to cash and transfers abroad, the Lebanese pound has slumped and firms have shed jobs and slashed wages. The economy shrank by 7% last year, according an estimate by the former economy minister. With no end in sight to the crisis, many people are considering where they might be able to go. Many Lebanese, including some of the most highly skilled, already have second passports, making it easier for them to leave.

by middleeasteye.net — An activist who became an icon after kicking a bodyguard of a Lebanese minister in the groin, has been …

by Naharnet — Lebanese-Saudi billionaire Bahaa Hariri, the eldest son of slain ex-PM Rafik Hariri, issued a rare statement Tuesday in which …