Declaring it cannot pay debts, Lebanon sets stage for default

BEIRUT (Reuters) - Lebanon announced it cannot meet its debt payments and halted a March 9 bond payment of $1.2 billion on Saturday, setting the heavily indebted state on course for a sovereign default as it grapples with a major financial crisis.

In a televised address to the nation, Prime Minister Hassan Diab said foreign currency reserves had hit a “critical and dangerous” level and were needed to meet basic needs. He called for “fair” negotiations with lenders to restructure the debt.

“How can we pay creditors abroad when the Lebanese cannot get their money from their bank accounts?” Diab said. “Our debt has become greater than Lebanon can bear, and greater than the ability of the Lebanese to meet interest payments.”

https://www.reuters.com/article/us-lebanon-crisis/declaring-it-cannot-pay-debts-lebanon-sets-stage-for-default-idUSKBN20U0DH?il=0

European tourism losing €1 BILLION a month as holiday makers stay home due to coronavirus

The United Nations said it was releasing $15 million from an emergency fund to help countries with fragile health systems to contain the virus. The World Bank has pledged $12 billion in aid for developing countries grappling with the spread of Covid-19.

https://www.rt.com/business/482284-coronavirus-hits-european-tourism/