New loan repayment schedule for Cuba

[El Presidente]

 

Creditors propose new loan repayment schedule for Cuba

The Paris Club of creditors on Wednesday proposed a new timetable for the repayment of Cuban debt amid the communist island’s worst economic crisis in decades, the state-owned press agency said.

The agency reported that William Roos, the club’s co-chairman, had during a visit to the country “proposed to establish a new timetable according to Cuba’s ability to pay, and thus work together to find a solution” to payment delays.

A 2015 agreement between Cuba and the club wiped $8.5 billion of a sum of $11.1 billion owed, the rest being converted into investment projects or repayment staggered until 2033.

But Cuba’s financial difficulties have prevented the country from making payments due in 2019 and forced it to seek a moratorium on repayments until 2022.

In June 2021, the parties agreed on a further delay.

The Paris Club is an informal group of official creditors whose role is to find solutions to countries’ debt repayment difficulties.

Cuba also owes money to the London Club of private creditors.

In February last year, the Russian Duma ratified a plan to restructure $2.3 billion of Cuban debt.

https://www.macaubusiness.com/creditors-propose-new-loan-repayment-schedule-for-cuba/

 

 

Paris Club (French: Club de Paris) is a group of officials from major creditor countries whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor countries. As debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situation, Paris Club creditors provide an appropriate debt treatment.

Paris Club creditors provide debt treatments to debtor countries in the form of rescheduling, which is debt relief by postponement or, in the case of concessional rescheduling, reduction in debt service obligations during a defined period (flow treatment) or as of a set date (stock treatment).^[1]

The Paris Club was created gradually from 1956, when the first negotiation between Argentina and its public creditors took place in Paris.^[2] The Paris Club treats public claims (that is to say, those due by governments of debtor countries and by the private sector), guaranteed by the public sector to Paris Club members. A similar process occurs for public debt held by private creditors in the London Club, which was organized in 1970 on the model of the Paris Club as an informal group of commercial banks meet to renegotiate the debt they hold on sovereign debtors.

Creditor countries meet ten times a year in Paris for Tour d'Horizon and negotiating sessions. To facilitate Paris Club operations, the French Treasury provides a small secretariat, and a senior official of the French Treasury is appointed chairman.^[3]

Since 1956, the Paris Club has signed 433 agreements with 90 countries covering over US$583 billion.^[1]

Members of the Paris Club[edit]

There are currently 22 Permanent Members of the Paris Club:^[4]

•  Australia
•  Austria
•  Belgium
•  Brazil
•  Canada
•  Denmark
•  Finland
•  France
•  Germany
•  Ireland
•  Israel
•  Italy
•  Japan
•  Netherlands
•  Norway
•  Russia
•  South Korea
•  Spain
•  Sweden
•  Switzerland
•  United Kingdom
•  United States

[PigFish]

Suckers! They’re stupid with money so they are obviously behind farming other dopes by asking (and getting) a grand for a cigar.

[NSXCIGAR]

What's incredible is that despite the tens of billions they've ripped off from lenders and other suckers over the decades they're still a disaster. 

Cuba is nothing but the panhandling wino hobo in the alley. Anyone that gives the government a dollar is doing nothing but enabling them. 

Not that I agree or support the embargo in any way but it at least in theory is supposed to prevent being taken to the cleaners by this reprehensible regime. 

[PigFish]

With so much concern over isolation in controlling a disease these days it seems a pity to not find it desirable to treat communism the same way you would treat any other malignant force! The only thing truly embargoed on Isla Cuba is innate human rights. To find those responsible, you need never leave the island.

[Fuzz]

6 hours ago, El Presidente said:

 

Creditors propose new loan repayment schedule for Cuba

The Paris Club of creditors on Wednesday proposed a new timetable for the repayment of Cuban debt amid the communist island’s worst economic crisis in decades, the state-owned press agency said.

The agency reported that William Roos, the club’s co-chairman, had during a visit to the country “proposed to establish a new timetable according to Cuba’s ability to pay, and thus work together to find a solution” to payment delays.

A 2015 agreement between Cuba and the club wiped $8.5 billion of a sum of $11.1 billion owed, the rest being converted into investment projects or repayment staggered until 2033.

But Cuba’s financial difficulties have prevented the country from making payments due in 2019 and forced it to seek a moratorium on repayments until 2022.

In June 2021, the parties agreed on a further delay.

The Paris Club is an informal group of official creditors whose role is to find solutions to countries’ debt repayment difficulties.

Cuba also owes money to the London Club of private creditors.

In February last year, the Russian Duma ratified a plan to restructure $2.3 billion of Cuban debt.

https://www.macaubusiness.com/creditors-propose-new-loan-repayment-schedule-for-cuba/

 

 

Paris Club (French: Club de Paris) is a group of officials from major creditor countries whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor countries. As debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situation, Paris Club creditors provide an appropriate debt treatment.

Paris Club creditors provide debt treatments to debtor countries in the form of rescheduling, which is debt relief by postponement or, in the case of concessional rescheduling, reduction in debt service obligations during a defined period (flow treatment) or as of a set date (stock treatment).^[1]

The Paris Club was created gradually from 1956, when the first negotiation between Argentina and its public creditors took place in Paris.^[2] The Paris Club treats public claims (that is to say, those due by governments of debtor countries and by the private sector), guaranteed by the public sector to Paris Club members. A similar process occurs for public debt held by private creditors in the London Club, which was organized in 1970 on the model of the Paris Club as an informal group of commercial banks meet to renegotiate the debt they hold on sovereign debtors.

Creditor countries meet ten times a year in Paris for Tour d'Horizon and negotiating sessions. To facilitate Paris Club operations, the French Treasury provides a small secretariat, and a senior official of the French Treasury is appointed chairman.^[3]

Since 1956, the Paris Club has signed 433 agreements with 90 countries covering over US$583 billion.^[1]

Members of the Paris Club[edit]

There are currently 22 Permanent Members of the Paris Club:^[4]

•  Australia
•  Austria
•  Belgium
•  Brazil
•  Canada
•  Denmark
•  Finland
•  France
•  Germany
•  Ireland
•  Israel
•  Italy
•  Japan
•  Netherlands
•  Norway
•  Russia
•  South Korea
•  Spain
•  Sweden
•  Switzerland
•  United Kingdom
•  United States

TL:DR Cuba is gonna default on the payment plan.

[Corylax18]

Same Shit, Different Day. As @Fuzz said, they will default on this payment plan, just like they have on all the previous plans. 

As usual its "Opposite Day" for the Cuban Government. The state run Newspaper post an article claiming "Cuba will honor its Debts" just hours before the new "repayment plan" was announced. Its just comical. 

https://www.granma.cu/cuba/2023-08-30/ricardo-cabrisas-se-reunen-en-la-habana-con-el-copresidente-del-club-de-paris