Bahrain hired investment bank Lazard Ltd. to advise on how to repair its strained public finances, according to people with knowledge of the matter, as the island kingdom seeks to secure crucial support from rich neighbors to avoid a currency devaluation. Lazard is helping Bahrain evaluate fiscal reforms to help ease pressure on the state's budget, the people said, asking not to be identified because the details aren't public.

Bahrain's Eurobonds dropped after the report.

Bloomberg News reported last year that the three countries had asked authorities to do more to bring finances under control before receiving aid.

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