May 20, 2020 / 11:13 AM / 17 days ago

Lebanon banking association says gov't debt restructuring must minimise damage to depositors

BEIRUT, May 20 (Reuters) - Lebanon’s banking association has called for a government debt restructuring that minimizes damage to its nearly 3 million domestic bank depositors, part of recommended amendments to a government rescue plan seen on Wednesday.

The association, which has heavily criticised Beirut’s rescue plan for relying heavily on bank sector contributions, proposed a government debt defeasance fund with a contribution of $40 billion in public assets. (Reporting by Tom Arnold Writing by Eric Knecht; Editing by Jon Boyle)

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