May 7, 2019 / 9:35 AM / 4 months ago

Lebanon dollar bonds fall as tensions flare over austerity budget proposal

LONDON, May 7 (Reuters) - Lebanon’s dollar-denominated bonds fell across the curve on Tuesday amid tensions over plans for big spending cuts in a draft austerity budget by the heavily indebted state.

The 2030 issue tumbled more than 1 cent in the dollar to their lowest level in a month, according to Tradeweb data.

Prime Minister Saad al-Hariri said on Monday Lebanon was far from bankruptcy but warned that failure to pass a “realistic” budget to bring down the state deficit would be tantamount to a “suicide operation” against the economy.

Central bank workers walked out on Monday over the budget proposals that would cut their benefits though decided to suspend their strike on Tuesday. (Reporting By Tom Arnold, editing by Karin Strohecker)

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