Socialist Spain pretends to be growing impatient with Cuba’s refusal to pay its colossal debts

Fellow Socialists Pedro Sánchez of Spain and Trucutú Díaz-Canel of Castrogonia

From our Bureau of Phony Socialist Impatience With Fellow Socialists

Spain’s socialist government is making noises about the millions and millions of Euros owed to it by Cuba, but the real maneuver going on under the table — so to speak — is that Spain is trying to buy time for Cuba with the Paris Club so it can keep avoiding paying back what it owes not just to Spain, but to many other nations.

Whew….. that sounds complicated, Mildred. But who ever said that socialist solidarity was simple or transparent?

So… don’t forget to vote for Biden/Harris in November so that the U.S. can bail out Castro, Inc. Vote Socialist in November. Vote for Biden/Harris — or else the Marx Sisters will come after you and your loved ones…. .

Bail out Cuba: Vote Socialist, Vote Biden/Harris! Don’t let Cuba drown in debt!

Loosely translated from Cuba Net

The Government of Spain stopped the process of forgiveness of accrued late payment interest and part of the debt contracted by Cuba due to non-compliance with payments by the Havana regime.

The digital portal La Información highlights that the debt restructuring agreement, signed in 2015 between Cuba and a group of creditor countries within the framework of the Paris Club, would allow the cancellation of all the accumulated default interest and a portion of the principal of the debt as long as Havana was complying with a payment program that provided for the total settlement of the debt pending payment in the month of October 2033.

The report indicates that the Cuban regime had until October 31, 2019 to have executed the payment of the annuity in a timely manner and that, in addition, it had another two months to satisfy that payment with a minimum penalty of 1.5 per hundred. However, Havana missed both deadlines.

As stated in the annual accounts of the Fund for the Internationalization of the Company (FIEM) of the Official Credit Institute (ICO), in charge of managing the Cuban debt refinancing program, in the event of non-payment of the agreed annuity, the Government of Spain has decided to raise the matter with the Paris Club.

ICO points out that on December 31, 2019, the Caribbean island still had around 160 million euros pending of forgiveness of the 201.5 million to which the agreement refers.

Now, the accumulated delays from the due date of the annuity payment will be penalized with an interest rate of 9 percent, which will make the balance pending repayment grow again.

Havana’s defaults have been extended to 13 other creditor countries of the regime, including France, Canada and Japan.

Despite these breaches, it is expected that within the framework of the Paris Club a one-year moratorium will be granted to Cuba to meet its commitments with creditor countries as a relief for the global crisis unleashed by the coronavirus. Although some type of penalty is not ruled out, it would always be below the 9 percent established in the agreement signed in 2015.

2 thoughts on “Socialist Spain pretends to be growing impatient with Cuba’s refusal to pay its colossal debts”

  1. Pedrito “El Socialista” Sánchez came in like a snarky prick with a sociopolitical axe to grind but he will leave with egg on his face. And, no, Castrolandia is not friendly or idealistic, it is utilitarian and parasitical.

  2. This is pure BS and all those involved know it. Nothing much will come of it, except perhaps some bogus “re-financing” of the debt as a delay tactic, to make it look like something is being done about money that will NOT be repaid in any substantial way. As I said before, the joke is too old to laugh.

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