If you wonder how the murderous and brutally oppressive communist Castro dictatorship has been able to remain in power for so many decades, it’s through the aid and support of “democratic” nations. Cuba has been a deadbeat nation since the socialist revolution of 1959, defaulting on billions of dollars in loans. This would have bankrupted any typical nation and forced change in the government. But not Cuba.
Despite its consistent record of not paying back money it borrows, democratic nations continue to lend money to the Castro dictatorship with little to no hope they will get any of it back. This has led to continued “renegotiations” of debt, as we see with the Paris Club, that only serve to buy time for the regime.
The Paris Club, an informal group of creditor countries that work together to address issues related to sovereign debt and financial stability, met with Cuban regime representatives in Havana on Wednesday, sparking criticism among activists and analysts for what they say is special treatment towards the communist country.
The Paris Club is a group of 14 democracies that manage the debt of the Cuban dictatorship. It has renegotiated and refinanced its debt multiple times.
In 2015, a landmark accord between the Paris Club and Havana resulted in an arrangement to forgive $8.5 billion of $11.1 billion in sovereign debt the regime defaulted over during an 18-year period.
Under the terms of the agreement, Cuba committed to making repayments for the remaining amount in yearly installments until 2033. However, the country only managed to fulfill its obligations partially in 2019 and eventually defaulted on its payments the following year.
It seems the Paris Club has decided to ignore reality and history and give the Castro regime another chance of paying back its debt. Of course, the Paris Club is quite aware the chances of getting the debt paid back are slim to none (with slim being out of town), yet for some reason, they want to give Cuba special treatment:
Havana “once again extends the debt payment deadlines, [and] can’t be current on its debt, so it tries to get a free pass like it already did in 2015, and all of this is granted by this group of creditors who, in principle, seem uninterested in adopting restrictive measures like those taken with other countries,” the economist [Elias Amor] explained.
“Cuba is given treatment that is not afforded to other countries and the reasons, we don’t know them, but it’s clear that international money lenders have a certain respect and consideration for Cuba that they don’t have for other countries.”
For Orlando Gutiérrez Boronat, coordinator of the Assembly of Cuban Resistance (ARC), Europe once againg “continues to finance the Castro dictatorship, that not only represses its own people but also sends troops to attack the people of Ukraine.”
If any democratic nation defaulted on their foreign debt with the consistency and magnitude in which Cuba has, the Paris Club would have dropped the hammer down on them a long time ago. But this is Cuba.
The Paris Club’s imprudent and incomprehensible decision is really not much of a mystery. These “democratic” nations have an interest in keeping the corrupt and murderous Castro regime in power. Those interests are both political (maintaining a finger in the eye of the U.S.) and, ironically, economic. If the Castro regime were to fall, the billions of dollars invested by these nations tied up in Cuban properties and businesses stolen at gunpoint by the communist Castro dictatorship would disappear overnight.
The Cuban people have been suffering under communist tyranny for 64 years, and the Castro family dictatorship is not the only one to blame for that.