Alan Aoun, a prominent Lebanese Member of Parliament, said that Lebanon lives in the last hours before the official announcement of its failure to pay its debts.


According to Reuters, Aoun's comments came as the country's president, prime minister, and parliament speaker met ahead of the official announcement later on Saturday.


Sources told Reuters on Friday that Lebanon is expected to announce on Saturday that it will be unable to make future dollar bond payments and that it wants to restructure $ 31 billion in foreign currency debt unless an agreement is reached with creditors to avoid anarchic default. >


Prime Minister Hassan Diab will announce Lebanon’s decision on international bonds at 6:30 pm (1630 GMT) just two days before the country is due to pay the $ 1.2 billion worth of bond holders on March 9th.