Govt. Appoints Legal, Financial Advisers on Eurobond Debt

W460

Lebanon on Tuesday took another step to try and deal with a massive debt that stands at more than $87 billion or more than 150% of the GDP.

Manal Abdul Samad, the information minister, said the government has agreed to appoint Cleary Gottlieb Steen & Hamilton LLP as a legal adviser on the country's Eurobond debt.

She added that the government also agreed to appoint financial advisory and asset management firm Lazard as a financial adviser.

The minister gave no further details but the announcement comes at a time when Lebanese officials are debating on whether to pay a $1.2 billion Eurobond payment that will mature on March 9, or default for the first time in Lebanon's history.

Comments 4
Thumb s.o.s 25 February 2020, 22:15

And these appointees are benevolent? Paying hefty salaries whilst people are starving is not okay.

What a government of crooks.

Thumb natour 25 February 2020, 23:44

More advisers, great!

Thumb warrior 26 February 2020, 06:26

Government of experts hiring experts! I was reading the other day how these useless expert ministers were hiring advisors like there was no tomorrow:)

Thumb s.o.s 26 February 2020, 14:36

I’m confident Gottlieb Steen & Hamilton LLP isn’t the most qualified group to advise a country, especially next to JP Morgan.

The selection process wasn’t even done in absolute transparency. How much will this one cost us? We have the right to know and we demand to know!