Lebanon’s prime minister has announced the government will not repay foreign currency debt of more than $1bn.
In a televised speech, Hassan Diab also promised to work on a plan to protect people’s deposits.
The default covers just a small part of the $91bn it owes to foreign creditors.
Lebanon’s debt is more than 170 percent of its economic output, one of the heaviest burdens in the world.
The prime minister, president and the central bank governor have been meeting to reach a decision.
Al Jazeera’s Zeina Khodr reports from Beirut.
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