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realclearworld

An embargo against Cuba’s dictatorship could have saved Russia $29-billion

For those who continue to say U.S. sanctions against the apartheid dictatorship in Cuba has been an utter failure, we present yet once again clear and indisputable evidence to the contrary. The reality is that from a fiscal perspective, U.S. sanctions against the Castro regime have been a total success. Instead of  U.S. taxpayers getting scammed, it is Russia who has just been fleeced by the Castro crime syndicate for a whopping $29-billion. No doubt that if Putin could go back in time, he would have put sanctions on Cuba's totalitarian regime as well.

Via Reuters in Yahoo News:

Exclusive: Russia signs deal to forgive $29 billion of Cuba's Soviet-era debt - diplomats

Russian PM Medvedev gives an interview to federal TV channels at the Ostankino TV Center in Moscow

HAVANA (Reuters) - Russia and Cuba have quietly signed an agreement to write off 90 percent of Cuba's $32 billion debt to the defunct Soviet Union, a deal that ends a 20-year squabble and opens the way for more investment and trade, Russian and European diplomats said.

The two sides announced an agreement to settle the debt dispute earlier this year and finalized the deal in Moscow in October. It would have Cuba pay $3.2 billion over 10 years in exchange for Russia forgiving the rest of a $32 billion debt - $20 billion plus service and interest, the diplomats said.

It must still be approved by the Duma, Russia's lower house of parliament.

Negotiations on the form in which Cuba will pay the remaining debt are ongoing, the diplomats said, as even $320 million per year represents a large sum for the cash-strapped country, which has labored under a U.S. economic embargo for decades.

Cuba's total export earnings are around $18 billion, including tourism and medical and educational services.

Neither Cuba nor Russia has made any official comment on the debt agreement. Cuban officials were not immediately available for comment.

Cuba defaulted on its debt in the late 1980s but recently has been trying to restructure the old debts to improve its international credibility.

Continue reading HERE.

3 comments to An embargo against Cuba’s dictatorship could have saved Russia $29-billion

  • asombra

    Is it any wonder Castro, Inc. is a perennial deadbeat? Why the hell should it ever pay its debts?

  • ranavy33

    Exactly. There are no consequences.

  • CaliforniaCubanAmerican

    Cuba now will have another Country lobbying for the U.S. Embargo to come to an end. Cuba will complain that they cannot make their first payment of the 3.2 billion divided up over 10 years because they are strapped for cash and the U.S. embargo is the fault. Now Russia will be pressuring the U.S. to drop the embargo so that they can get payments from Cuba!