The worst is yet to come for Lebanon's banks.
An immediate concern for banks is what the government might do about a $1.2 billion Eurobond maturing in March.
The government is leaning toward repayment for foreign holders and swapping the holdings of local banks, which own more than half of the debt, for long-dated issues, sources previously told Reuters. But their capital positions have eroded as the crisis has worsened, with banks losing $10 billion in deposits between August and December. Banks’ supplies of foreign currency at their correspondent banks have fallen below the $8 billion they held at the end of November, said two bankers.
As Lebanon’s crisis has dragged on, banks have increasingly become pariahs of the international finance system.
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