Lebanon is in "the final hours before" formally announcing it cannot pay its debts, senior MP Alain Aoun wrote on Twitter on Saturday.
“This unprecedented event is the result of an accumulation of policies, crimes and choices that exhausted the public finances,” said Aoun, a senior figure in the Free Patriotic Movement party.
“There is no use in crying over the ruins ... what is helpful now is starting a rescue plan to get out of the bottom of the abyss as Greece did,” he tweeted.
This came as the president, prime minister and parliament speaker met ahead of an official declaration later in the day.
Lebanese was supposed to pay back holders of a $1.2 billion Eurobond due on March 9.
Prime Minister Hassan Diab will deliver a statement later on Saturday to announce the country's final decision on the Eurobonds.
Lebanon hired US investment bank Lazard (LAZ.N) and law firm Cleary Gottlieb Steen & Hamilton LLP last week as advisers on the widely expected restructuring, Reuters reported.
Debt default would mark a new phase in a financial crisis that has hammered Lebanon’s economy since October, slicing around 40% off the value of the local currency and leading banks to deny savers full access to deposits.
The financial crisis came to a head last year as capital inflows slowed and protests erupted over state corruption and bad governance.
