Moody’s Investors Service lowered its outlook on Lebanon’s banking system to negative from stable, citing slowed economic growth and regional political uncertainty. The rating firm said Syria’s current instability was especially notable, as was the local banks’ exposure to countries with political unrest or economic slowdowns or both, such as Egypt or Jordan.
Lebanon’s parliament has approved a new energy law which paves the way for exploration of offshore oil and natural gas.
Lebanon should cut its public debt to about 80 percent of gross domestic product, from the current level of 147 percent, Templeton Asset Management Ltd.’s Mark Mobius said. Mobius, who oversees about $34 billion in merging market assets as Templeton’s Singapore-based executive chairman, said he’s considering an investment in Lebanon’s banking and real estate industry […]
By Ghassan Karam
Sovereign debt, as a potentially crippling fiscal problem world wide, has risen to the forefront over the past few months.
French Finance Minister Christine Lagarde announced on Friday a one-year extension on a 225 million euro (323 million dollar) loan to Lebanon agreed in January 2007, pending economic reforms. “France will extend for one year the loan agreed to as part of the Paris III accords for the reconstruction of Lebanon,” Lagarde told reporters during […]