Cash-Strapped Lebanon Turns to U.A.E. for Financial Support
- Central bank governor: local banks to buy upcoming bond issue
- Eurobonds climb on expectations the country will get aid
Beirut, Lebanon.
Photographer: Patrick Mouzawak/BloombergThis article is for subscribers only.
Lebanese officials are in the United Arab Emirates seeking financial support to help keep the country afloat as it seeks to take painful austerity measures to restore investor confidence.
Central bank governor Riad Salameh said Lebanon was looking for assistance from its Gulf Arab ally and Prime Minister Saad Hariri, who traveled to Abu Dhabi at the head of a ministerial delegation, told Reuters he hoped for a cash injection into the central bank.