August 18, 2008
Cuba still a credit risk
Two years of raul castro’s so-called “new leadership,” and Cuba still can’t pay its bills.
From Fox News:
Cuba Says Can't Pay For Japan Imports On Time : NikkeiHONG KONG -- The Central Bank of Cuba informed Japan's Nippon Export and Investment Insurance that it couldn't pay for Japanese imports by the agreed upon dates, the Nikkei business daily reported Monday. "This isn't a problem specific to this bank. Foreign exchange reserves for settling trade accounts are in short supply in Cuba," said an offical at the Cuban central bank, according to the report.
In 2006, Cuba's estimated debt was 15.438 billion, plus the non-convertible Soviet era debt of 22 plus billion. Read the details of castro, inc's enormous global debt and you have to shake your head that any extend credit to Cuba. Simply stated, Cuba does not pay its bills. The U.S. policy of demanding up-front payment from the regime for goods purchased makes sense as long as the criminal castro family is is charge.
Read the list of Cuba's creditors at Paxety Pages, and more on Cuba's economy at the Cuban Transition Project.
Posted by Ziva at August 18, 2008 08:50 AM
Comments
Hmmm...
Cuban Total Debt of about $37-38 Billion US. Maybe Microsoft would like to buy a nation. Even the Windows OS runs stuff better than Castro, Inc.
-S-
Posted by: Dr.Shalit ![[TypeKey Profile Page]](http://www.babalublog.com/nav-commenters.gif)
at August 18, 2008 09:48 AM
I remember reading somewhere when the Soviet Union dissolved, and the new Russian government asked Cuba for it's money Castro came out saying that because the debt was to the Soviet Union, and not Russia, they shouldn't owe that money.
Posted by: j2tharome at August 18, 2008 11:26 AM
Siva:
It is my understanding that the figure you posted does not include debt to Soviet Union
Posted by: Larry Daley at August 18, 2008 03:18 PM
But let's lower the embargo because American businesses are missing out on the prosperity.
Posted by: Henry Louis Gomez at August 18, 2008 03:34 PM
Larry, follow the Paxety link, it's a real eye-opener. Also, keep in mind those est. figures are two years old. How many billions in oil has chavez sent to Cuba?
Posted by: Ziva Sahl at August 18, 2008 04:13 PM
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