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realclearworld

Doing business with Cuba, Castro Style

The next time someone tells you that we should be doing business with the Cuban dictatorship, consider how dictators Fidel and Raul Castro like to do business. It is a simple formula with only four basic steps:

Business with Cuba Castro Style

  1. Lend the Castro dictatorship money
  2. Castro dictatorship refuses to pay you back
  3. You forgive the debt of the Castro dictatorship
  4. Repeat steps one through three

Don't believe me? Ask the Russians:

Russia leases planes to Cuba, writes off Soviet debt

Russia's Prime Minister Dmitry Medvedev and Cuban President Raul Castro (L) wave at the entrance of the Revolution Palace in Havana, February 21, 2013. REUTERS/Desmond Boylan

(Reuters) - Russia will lease eight jets worth $650 million to its Cold War- era ally Cuba and will partially write off the country's multi-billion-dollar, Soviet-era debt under agreements signed during Prime Minister Dmitry Medvedev's visit to Havana on Thursday.

Moscow will write off part of the $30 billion debt and will offer a 10-year refinancing plan for the remaining amount, according to the preliminary agreement, Russia's industry and trade minister Denis Manturov told reporters on the sidelines of the talks.

"There was an accumulated debt on loans allocated by the Soviet Union and we have now prepared an agreement that should undergo all the necessary procedures," he said.

Continue reading HERE.

 

3 comments to Doing business with Cuba, Castro Style