Govt. Appoints Legal, Financial Advisers on Eurobond Debt

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.