As it has done throughout its entire 62 year history, the Castro dictatorship refuses to pay its debts. After defaulting on loans from the Paris Club, having the majority of the amount owed forgiven, and promising to pay back the remaining balance, the Cuban regime will skip out out making its required payment this year.
Via Yahoo News:
Cuba has reached a deal with the Paris Club of creditor nations to postpone an annual debt payment due in November until next year, according to diplomats from five of the governments involved, the latest sign the Communist-run country is suffering a grave foreign exchange crisis.
The historic 2015 Paris Club agreement with Havana forgave $8.5 billion of $11.1 billion in sovereign debt Cuba defaulted on in 1986, plus charges. Cuba agreed to repay the remainder in annual installments through 2033, but only partially met its obligations in 2019 and defaulted last year.
The outlines of an amended deal, worked out between the parties in June and not previously reported, calls for resumption of payments in 2022 and adjustment of the payment schedule, the diplomats said, requesting anonymity to comment.
The Cuban government and Paris Club had no comment on the matter.
The part of this ongoing story so many are choosing to ignore is that despite its long history of being deadbeats,, the Castro dictatorship still finds suckers to lend them money. We should all give thanks to the Helms-Burton Act, which has been the only thing that has allowed the U.S. to be one of the few developed nations in the world that has not been robbed by the Castro dictatorship.