![epa08277030 A handout photo made available by Lebanese official agency Dalati and Nohra shows Lebanese Prime Minister Hassan Diab speaks during a news conference at the government palace in downtown Beirut, Lebanon, 07 March 2020. Diab said, Lebanon will negotiate with creditors to reach a fair debt restructuring and the government will work to protect depositors' money. Lebanese leaders decided on 07 March not to pay the outstanding Eurobonds despite the reservations of holders of the bonds. Lebanon must decide whether to repay 1.2 billion USD in Eurobonds due on 09 March 2020. EPA/DALATI AND NOHRA / HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES](https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/XXWGRHR2YLQIXFBCL4APPXXYPM.jpg?smart=true&auth=a328be740f3512fdf0dacc9826feda690f8d6610164eef485c54ae151d7acda7&width=400&height=225)
Lebanese Prime Minister Hassan Diab announced the country will not to pay outstanding Eurobonds worth $1.2 billion due on 09 March 2020. EPA
Lebanese Prime Minister Hassan Diab announced the country will not to pay outstanding Eurobonds worth $1.2 billion due on 09 March 2020. EPA
Beirut on the brink: Eurobonds are just the tip of the iceberg
Lebanon has announced it will default payment for the first time, but the current crisis has been a long time coming