Cuba Business News and Information
Cuba News and Information
AFP
Mexico has struck a deal with Cuba on restructuring a 400-million dollar debt owed by the communist island nation, banking officials said Sunday.
“The signing of an agreement to restructure the debt ... is a major step toward the normalization of commercial and financial relations between both countries,” read a statement by the Banco de Comercio Exterior de Mexico (Bancomext) Sunday.
Financial ties between the two countries have been strained over the past six years because of a rift over Cuba’s debt, but the new agreement allows them to “restore their historic level of economic collaboration,” Bancomext said.
Another gift to Fidel. Shame on the Cuban government. Why would any country loan Cuba money?
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Cuba’s economic problems are not due to the American embargo. The problem is that the Castro regime is a deadbeat credit risk, which is why even its so-called “convertible” currency (chavitos) are not traded in any bank outside Cuba, including such Communist nations as Red China.
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