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Russia signs deal to forgive $29 billion of Cuba's Soviet-era debt - diplomats
Source: Reuters
Exclusive: Russia signs deal to forgive $29 billion of Cuba's Soviet-era debt - diplomats
BY MARC FRANK
HAVANA Mon Dec 9, 2013 3:55pm EST
(Reuters) - Russia and Cuba have quietly signed an agreement to write off 90 percent of Cuba's $32 billion debt to the defunct Soviet Union, a deal that ends a 20-year squabble and opens the way for more investment and trade, Russian and European diplomats said.
The two sides announced an agreement to settle the debt dispute earlier this year and finalized the deal in Moscow in October. It would have Cuba pay $3.2 billion over 10 years in exchange for Russia forgiving the rest of a $32 billion debt - $20 billion plus service and interest, the diplomats said.
It must still be approved by the Duma, Russia's lower house of parliament.
Negotiations on the form in which Cuba will pay the remaining debt are ongoing, the diplomats said, as even $320 million per year represents a large sum for the cash-strapped country, which has labored under a U.S. economic embargo for decades.
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BY MARC FRANK
HAVANA Mon Dec 9, 2013 3:55pm EST
(Reuters) - Russia and Cuba have quietly signed an agreement to write off 90 percent of Cuba's $32 billion debt to the defunct Soviet Union, a deal that ends a 20-year squabble and opens the way for more investment and trade, Russian and European diplomats said.
The two sides announced an agreement to settle the debt dispute earlier this year and finalized the deal in Moscow in October. It would have Cuba pay $3.2 billion over 10 years in exchange for Russia forgiving the rest of a $32 billion debt - $20 billion plus service and interest, the diplomats said.
It must still be approved by the Duma, Russia's lower house of parliament.
Negotiations on the form in which Cuba will pay the remaining debt are ongoing, the diplomats said, as even $320 million per year represents a large sum for the cash-strapped country, which has labored under a U.S. economic embargo for decades.
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Read more: http://www.reuters.com/article/2013/12/09/us-cuba-russia-debt-idUSBRE9B813P20131209
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