Lebanon in 'final hours before' declaring it cannot pay its foreign debts

Lebanon is in "the final hours before" formally announcing it cannot pay its debts, senior MP Alain Aoun said on Saturday, as the president, prime minister and parliament speaker met ahead of an official declaration later in the day.

Sources told Reuters on Friday Lebanon was set to announce on Saturday it cannot make upcoming dollar bond payments and wants to restructure $31 billion of foreign currency debt unless a last-minute deal with creditors could be found to avoid a disorderly default.

Debt default would mark a new phase in a financial crisis that has hammered Lebanon's economy since