BEIRUT (Reuters) – Lebanon’s banking association said on Wednesday it was necessary to repay a $1.2 billion Eurobond maturing in March on time to protect depositors and preserve the country’s place in international financial markets.

The association said in a statement that debt restructuring requires time and the assistance of international institutions. It said very little time remains before the maturity on March 9, which does not allow for preparation and “competent handling.”

Reporting by Ellen Francis; Editing by Samia Nakhoul

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