Lebanon is still a gamble
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Since securing an IMF agreement in Q2, the government hasn't implemented any of the 10 prior actions the Fund outlined
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We think the key sticking point is banking sector restructuring, with little, if any, agreement on the path forward
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With the economy still in crisis, any bet on Lebanese eurobonds shouldn’t be seen as anything but a gamble
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.