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realclearworld

$1.55 billion in Cuba assets disappear

Over the past three months, $1.55 billion in cash has disappeared from the international accounts of the Cuban dictatorship. No one seems to know where the money went, but we do know for sure where it did not go.

It did not go to help the Cuban people, and it certainly did not go to pay back the dozens of creditors the Castro regime has stiffed for decades and continues to owe billions to.

Via the Miami Herald:

Cuban bank assets in a foreign bank system dropped from $5.65 billion to $4.1 billion in three months

The drop of $1.55 billion in the last quarter of 2011 has raised eyebrows

Cuban bank assets deposited in foreign financial institutions that belong to an international reporting system showed a stunning plunge of $1.55 billion, or 24 percent, in just the last three months of last year.

“It’s highly unusual for those deposits to drop so much, especially because Cuba had been building up its liquidity until then,” said Luis R. Luis, a former chief economist at the Organization of American States who first reported the fall.

A Bank for International Settlements report dated June 4 showed Cuban bank deposits in the BIS’s 43 member central banks and financial centers nosedived from $5.65 billion at the end of September to $4.1 billion at the end of December.

Continue reading HERE.

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