Banks advocate
for Eurobond swap

Selim Sfeir: The picture

of tomorrow is drawn today

Selim Sfeir, Chairman of the Association of Banks has tweeted a statement calling for a swap of Eurobonds and implementing reforms.

The tweet:

“We continue to believe that a wise approach to the economic crisis and financial commitments to the international community is possible if the government has a good intention to adopt necessary reform plans and required debt rescheduling policies. The banks were among the biggest losers as they were forced to exhaust their funds to secure as much liquidity as possible for their depositors, and this situation is the result of financing the continuing public deficit. The picture of Lebanon tomorrow must be drawn today. It is not poverty that will regain Lebanon its glory. Foreign bondholders may be willing to agree to such a swap exchange if the State can convince them of its goodwill to carry out reforms and implement a credible plan. The best solution to pay dues is to replace the Eurobond and start immediate reforms to purify public finances and restore the confidence of expatriate investors.”