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realclearworld

Castro Kingdom scares the hell out of its creditors

Kiss your money goodbye, suckers

Kiss your money goodbye, suckers!

Castrogonia is in the process of restructuring its debt, which amounts to over 30 billion dollars, according to the banking consortium The Paris Club .

The Paris Club is an informal group of creditor governments composed of 19 industrialized nations.  It is Castrogonia's main source of loans.

As usual, the Castro Kingdom refuses to play by the rules: even though it is not supposed to make deals with individual lender nations, it has gone ahead and done that with Russia.  It has also made it clear to other lending nations that it cannot pay its debt on their terms.

The Paris Club nations are  now very worried that Castrogonia is going to weasel out of its debt.

Seems like a perfect time for the U.S.A. to drop its "embargo," doesn't it?  After all, the only serious sanction of the notorious "embargo" that is till functioning is the one preventing Castrogonia from paying for American goods on credit.

So, yes, let's go ahead and ignore that $ 30 billion debt that the deadbeats in Havana will never pay to the suckers of the Paris Club.  They have reformed everything down there, after all, and issue new reforms every day.    Sure, they'll never skip a payment from now on.

Russian-Cuba debt deal creates waves among creditors

HAVANA, March 14 (Reuters) - Russia's agreement to settle a debt squabble with Cuba over $25 billion owed the former Soviet Union has caused concern among other Cuban creditors grouped in the Paris Club, Western diplomats said this week.

The accord, signed late last month during a visit by Russian Federation Prime Minister Dmitry Medvedev, said the parties had come up with a formula to end the dispute and would sign final papers by 2014, although any deal still needs approval from the Duma.

Cuba last reported its foreign debt in 2009 as $19.8 billion. About 50 percent of that was "passive" debt from before it declared a default in the late 1980s, while the rest was accumulated afterward and classified as "active."

The Communist-run island has never included debt to the Soviet Union in its figures, claiming the amount is in overvalued convertible rubles and that the country sustained massive damage from broken contracts when its former benefactor collapsed.

While little information is available about the deal with Russia, Cuba has let other creditors know it is in no condition to pay its old debts, much of which now consists of accumulated service and interest charges...

Continue reading HERE.

2 comments to Castro Kingdom scares the hell out of its creditors

  • antonio2009

    When the Soviet Union collapsed, the initial Cuba debt was $60 billion. The Russian Federation cut it in half to $30 billion.

  • asombra

    It was clear long ago that Castro, Inc. is a deadbeat. Those who've lent it money anyway deserve to lose it.