Cuba foreign debt

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The Cuban foreign debt is only since 1959 operated partially . In 2013 there was a rescheduling with major creditors. In 2015 there was a partial haircut.

Debts to Comecon States

After the Cuban Revolution in 1959, the national debts of the previous regime were no longer serviced. Because of this and later because of the expropriation policy and the donation to the Soviet Union , no loans were granted to Cuba from abroad. The main trading partners were the Soviet Union and the states of the Eastern Bloc . The socialist bridgehead in America was promoted by favorable transfer prices. Nevertheless, there was a foreign trade deficit and thus debts in transfer rubles , the accounting unit of the Comecon states vis-à-vis these states. In 1982 there was a rescheduling with partial debt relief. With the fall of communism from 1989 and the introduction of market economy structures in the former Eastern Bloc states, an agreement had to be found on transfer debts. Cuba was the only one of the former Comecon member states to stick to the planned economy . There was no agreement between Cuba and its creditors, the transfer debts remained and were not serviced. In 2000 an agreement was reached between the Federal Republic of Germany and Cuba after Cuba committed to pay around 115 million euros, negotiations with the main creditor Russia remained inconclusive until 2013.

Debt after 1989

After 1989, Cuba's credit rating was insufficient to allow it to take out loans on the capital markets. Lenders were therefore neighboring countries such as Mexico , Brazil or Venezuela and trading partners such as the People's Republic of China and Japan . In 2002, Cuba partially suspended payments to its creditors. As a result, Cuba only received loans from friendly socialist states such as Venezuela.

In 2013, the Cuban government successfully negotiated with numerous creditors. Russia waived 29 billion US dollars, Mexico 340 million. In return, Cuba pledges to pay $ 320 million to Russia and $ 21 million to Mexico over the next 10 years. Debt rescheduling agreements have also been made with Japan and China.

In December 2015, the Cuban government agreed with 14 of the Paris Club's creditor states to cancel Cuban liabilities amounting to four billion US dollars (around 3.65 billion euros). In return, Havana undertook to repay outstanding debts of 2.6 billion US dollars (around 2.37 billion euros) within 18 years.

literature

Individual evidence

  1. ↑ Juan Carlos Hatchondo, Leonardo Martinez, Horacio Sapriza: The Economics of Sovereign Defaults. In: Economic Quarterly. Volume 93, No. 2, Spring 2007, ISSN  0094-6893 , p. 166.
  2. ↑ Communist Cuba: 50 Years Of Failure ( Memento of December 24, 2015 in the Internet Archive ). In: Investors.com. Investor's Business Daily, December 30, 2008, p. 3, accessed August 25, 2013.
  3. ↑ Debt crisis in Cuba-Russia renounces old debts. in: TAZ of December 11, 2013
  4. ↑ Cuba cuts into the young world on December 14, 2015