Defaulted Lebanon hopes to pay off debts with cannabis
As soon as parliament returns from its closure over the novel coronavirus outbreak, a bill legalizing cannabis for medicinal and industrial purposes is expected to pass as lawmakers address the country’s worst economic crisis in decades.
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The Lebanese government is looking to cannabis cultivation for medicinal and industrial purposes to improve the country's economic situation. Lebanon is the third most indebted country in the world, with a debt-to-GDP ratio of 170%, according to Prime Minister Hassan Diab.
The Finance Ministry announced March 23 that Lebanon will suspend payments on all its $30 billion worth of Eurobonds in foreign currency after defaulting on its $1.2 billion debt March 9 in the country's first-ever default.