Lebanon has announced plans to borrow as much as $7 billion by the end of this year as it struggles to reduce interest costs on its debt. According to Moody’s Investors Service, Lebanon’s gross debt had reached 727% of government revenue by the end of 2005, the highest level of any rated country.
In April, the republic executed a long-awaited liability management exercise when it sold three new Eurobonds totalling $2.62billion in exchange for three dollar-denominated Eurobonds and one euro deal that are due to mature later this year.
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