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Lebanon Speaker calls for restructuring Eurobond as ‘best solution’

Lebanon’s Parliament Speaker Nabih Berri sees debt restructuring as the “best solution” for the country’s Eurobond maturities, which include one on March 9, an MP from Berri’s Shia Amal Movement said after a weekly meeting on Wednesday.

His comments came on the day a source familiar with the matter said that Lebanon will invite eight firms to bid to be its financial adviser as it studies all options on its sovereign debt.

Previously, Berri said he believes Lebanon needs technical help from the IMF to draw up an economic rescue plan and a decision on whether to pay a Eurobond maturing in March should be taken based on IMF advice, according to sources on Tuesday.

Berri also believes Lebanon cannot “surrender” itself to the IMF “because of its “incapacity to bear its conditions,” said the government source, who spoke to Reuters on condition of anonymity, and an-Nahar, quoting Berri’s visitors.