It has been one year since the Lebanese government defaulted on a USD 1.2 billion Eurobonds issuance that was due on March 9th 2020. One year on, negotiations with Eurobond holders have still not begun, and no good faith discussions with the International Monetary Fund (IMF) have been engaged in order to help negotiate a financial aid package and also on engaging stakeholders. The default on the payment, the first in Lebanon’s history, resulted in a default on all Eurobonds issuance, due to specific clauses in the Eurobonds issuances: should a default on a Eurobonds issuance occur without agreeing on restructuring terms with 75 percent of the holders of this issuance, this would trigger a default on all outstanding Eurobonds, which totals USD 31.3 Billion, of which USD 11 billion are held locally by Lebanese banks. The origins of the default Lebanon, for years, had been on a path of
