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Stock impact report

Lebanon banks set for shake-out under sovereign debt revamp [Reuters]

Houlihan Lokey, Inc. Class A (HLI) 
Last houlihan lokey, inc. class a earnings: 2/3 04:15 pm Check Earnings Report
US:NYSE Investor Relations: hl.com/us/pressreleases.aspx
Company Research Source: Reuters
Lebanon banks set for shake-out under sovereign debt revamp BEIRUT, March 12 (Reuters) - Lebanon’s banks are poised for a major shake-out as a planned restructuring of government debt is set to leave many financial players illiquid, say bankers. Banks are the largest creditors of the government, which is set to default after saying it would stop paying its foreign currency debt and is seeking a debt restructuring as a months-long economic crisis left its foreign currency reserves dangerously depleted. The extent of the hit that banks - and their depositors â?? will have to take is still uncertain, but bankers estimate the total sector shortfall at around $20 billion to $30 billion - based on provisions they will need to take for losses linked to deposits held at the central bank and lending to the government. With Lebanon grappling with hundreds of thousands of job losses and mounting business closures, lenders also have to contend with growing soured loans to the private sector. Almo Show less Read more
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