Prime minister Hassan Diab stated that the country would default on its Eurobond debt and seek out restructuring agreements amid a spiraling financial crisis that has affected foreign currency reserves. Lebanon was due to pay a US$1.2 billion Eurobond on 9 March, with another $700 million expected to mature in April and a further $600 million in June. Due to the lack of foreign currencies, the prime minister said that the reserves had fallen to “a worrying and dangerous level which pushes the Lebanese government to suspend payment of the 9 March Eurobond maturity because of a need for these funds.” [8][9]