7 March 2020

¤Lebanon defaults on its Eurobonds

Beirut & suburbs#Lira & the economy #Economic collapse #State, elections & cabinets #Corruption

PartiesGovernmentLebanese state (presidency, cabinet, parliament)

On 7 March 2020 Hassan Diab announced the suspension of payment on 1.2 billion dollars of Eurobonds due on 9 March, the first sovereign default in Lebanon's history; external financing was cut off and the lira's collapse accelerated, from 1,507.5 officially to more than 4,000 on the market within weeks.

▲ Banks close and informal capital controls begin The government recovery plan and the start of IMF talks ▼

Cause

Banks close and informal capital controls begin

Leads to

The government recovery plan and the start of IMF talks The dollar passes 10,000 lira (context)

Open on the timeline