Lebanon’s dollar-denominated government bonds fell to new record lows on Tuesday, having already lost more than a third of their value since anti-government protests first broke out just over a month ago.
Worries that the country was heading for economic collapse took some of its longer-dated bonds to as low as 44.5 cents on the dollar. They were at almost 70 cents when protests started.
Lebanon has one of the world’s highest debt-to-GDP ratios at around 150%. The country’s parliament was blocked from holding its first session for two months on Tuesday after protesters prevented lawmakers from reaching the building.