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Formal debt restructuring talks between Lebanon and its bond holders are expected to begin in about two weeks, a source familiar with matter said on Sunday, after the heavily indebted state declared it could not meet its debt repayments. 

Lebanese Prime Minister Hassan Diab who is backed by Hezbollah and its allies declared that Lebanon could not meet its debt repayments setting the state on course for a sovereign default as it grapples with a major financial crisis.

Lebanon announced on Saturday it could not meet its debt payments, which include a Eurobond of $1.2 billion maturing on Monday, setting the state on course for a sovereign default as it grapples with a major financial crisis.

REUTERS

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