Russia to restructure $166m of $26b of Cuban foreign debt

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Posted: 18 November 2007 02:37 PM

[ Ignore ]

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Jos� F. S�nchez
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La Nueva Cuba

Russia`s lower house of parliament ratified on Friday an intergovernmental agreement on restructuring Cuba`s $166 million post-Soviet debt to Russia.

Under the agreement, the debt will be restructured over a period of ten years, with a four-year grace period and a 5% rate for arrears. The debt is to be repaid in euros.

The deal, signed in Havana on September 28, 2006, does not cover Cuba`s debt to the Soviet Union, which is subject to separate discussions and is estimated at $26 billion.

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Posted: 18 November 2007 02:39 PM

[ Ignore ] [ # 1 ]

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So Russia decides to “restructure” $166million in “debt” of which it is owed $26,000,000,000! $166million is probably the interest on the $26b.

Good luck Russia.

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