October 28, 2019 / 4:51 PM / 9 months ago

Lebanon's eurobonds drop after cenbank chief says solution needed to avert collapse

LONDON (Reuters) - Lebanon’s eurobonds sharpened their sell-off on Monday after Central Bank Governor Riad Salameh said a political solution was needed to the country’s crisis in days to regain confidence and avoid a future economic collapse.

The 2021 issue XS0250882478=TE sank 2 cents to a record low of 77 cents in the dollar, according to Tradeweb data.

Speaking to Reuters, Salameh also said the local currency peg to the U.S. dollar will be maintained and it was up to the government to decide whether Lebanon will seek assistance from the IMF or other international financial institutions.

Reporting by Tom Arnold, editing by Karin Strohecker

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