The Lebanese government defaulted in the payment of $1.2 billion Eurobonds in March 2020 and made it clear it will not settle the remaining maturing bonds in the future.
Byblos Bank, one of the largest lenders in Lebanon, said Tuesday that it recorded a loss of $122 million in 2019 due to the allocation of “collective provisions’’ for the bank’s expected credit losses on its portfolio of Lebanese Eurobonds.
“Byblos Bank recorded in 2019 a total of $122 million in losses for the first time since its inception around 60 years ago. These losses are mainly due to the allocation of collective provisions for the bank’s expected credit losses on its portfolio of Lebanese Eurobonds; on its foreign-currency placements with the Central Bank of Lebanon; and on its customer loan portfolio,” the bank said in its statement.
Read the Full Artilce at The Daily Star: https://bit.ly/39SHBPc