BEIRUT, March 7 (Xinhua) -- The Lebanon's Presidency said in a statement on Saturday that Lebanon has decided not to repay the Eurobonds maturing on March 9.
A comprehensive economic rescue plan will be adopted, the statement added.
The announcement came following a meeting between the Lebanese president, prime minister, house speaker, central banker, and the head of the Association of Banks in Lebanon.
Prime Minister Hassan Diab is expected to make a speech to the Lebanese people later in the day to explain the reasons why the cabinet decided to default.
