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Russia Writes Off 90% of Cuba's Debt

 
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blaquefoxx View Drop Down
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    Posted: Jul 12 2014 at 4:18pm
Well, this is interestingGeek



/ Business

Putin Writes Off $32 Billion of Cuba's Debts to Russia


Image (AP Photo/RIA-Novosti, Alexei Nikolsky, Presidential Press Service) Russian President Vladimir Putin, right, and Cuban President Raul Castro meet in the Novo-Ogaryovo residence outside Moscow, Wednesday, July 11, 2012.  ((AP PHOTO/RIA-NOVOSTI, ALEXEI NIKOLSKY, PRESIDENTIAL PRESS SERVICE))

Russian President Vladimir Putin is currently on a grand tour of Latin America. His first stop is in Havana, Cuba. Ahead of arriving in Cuba, Putin decided to bestow a gift upon the Cuban government. With one swift signature, he eliminated $32 billion of Cuba's debt, left over from the Soviet era.

Cuba isn't completely off the hook. They will be required to pay back just $3.2 billion over the next ten years, a 90 percent decrease from what they previously owed. The first payment is due in October, and will be made from the National Bank of Cuba to the Russian lender Vnesheconombank.

Cuba has been working to restructure its debt over the last few years. In 2011, Cuba was able to restructure a $6 billion debt with China. Other nations have also forgiven their debt. In 2012, Japan forgave $1.4 billion and more recently, Mexico forgave $478 million in debt. 

While it may be nice to think Putin was simply showing a kind gesture to the Cuban government in forgiving this debt, it may be motivated by oil. Right now, the Cuban state oil company CUPET and Russia's Rosneft are in negotiations for a very lucrative deal. Russia and Cuba are close allies. Last year, trade between the two countries totaled about $200 million.

Cuba has oil reserves of between 4 billion and 20 billion barrels, though likely in the area of 9 billion barrels. With the oil price at $110 per barrel, this deal could bring around $900 billion. This is comparable to the deal Rosneft currently has with Exxon Mobil in the Arctic. As Russia stands to earn $900 billion (perhaps more) from Cuba in oil, forgiving a $32 billion debt may be worth it to push contract negotiations in Russia's favor. 

Of course, perhaps it has nothing to do with oil at all, and Putin was just in a rare good mood that day. 


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bindy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bindy Quote  Post ReplyReply Direct Link To This Post Posted: Jul 12 2014 at 4:26pm
Could the Cuban's repay the debt in the first place?
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Post Options Post Options   Thanks (2) Thanks(2)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Jul 12 2014 at 4:34pm
i fuccks with this ..

cuba has an extensive teacher and doctor program that is so underrated but highly effective
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Post Options Post Options   Thanks (1) Thanks(1)   Quote ms_wonderland Quote  Post ReplyReply Direct Link To This Post Posted: Jul 12 2014 at 4:45pm
everything that happened during the Soviet era was bullsh*t so this was the right thing to do.  It's always that way...use the smaller powers to get what you want then leave them in the dust and get in bed with the alleged mutual enemy.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Benni Quote  Post ReplyReply Direct Link To This Post Posted: Jul 12 2014 at 6:15pm
Not surprising.

Two communist countries.   Cubans has the discipline and the education, Russia has power and money.

Will like to see more freedom for the Cuban citizens though. They have been oppressed for too long.
How is that likely to be now that they are indebted to Russia
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Diane (35) Quote  Post ReplyReply Direct Link To This Post Posted: Jul 12 2014 at 8:02pm
Originally posted by afrokock afrokock wrote:

i fuccks with this ..

cuba has an extensive teacher and doctor program that is so underrated but highly effective

hello!!!!!!!! man i woulda been a Spanish speaking Doctor by now if I'd just listened to daddy but i wasn't really one for that med lifeBig smile

I love this. Let's see who follows russia's lead hehehhehehehe
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jul 13 2014 at 8:18am
No Country can pay off their debts
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JoliePoufiasse Quote  Post ReplyReply Direct Link To This Post Posted: Jul 13 2014 at 8:33am
.

Edited by JoliePoufiasse - Jul 13 2014 at 8:34am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JoliePoufiasse Quote  Post ReplyReply Direct Link To This Post Posted: Jul 13 2014 at 8:33am
Originally posted by JoliePoufiasse JoliePoufiasse wrote:

Wonderful.
Sometimes I so wish that Haiti had successfully gone the way of Cuba. Lord know we have people who tried but they all got neutralized by the U.S who put puppets in charge. Too bad we couldn't pull it off, we would have been in better shape. Don't get me wrong, I know that life in Cuba is not a walk in the park and not to be romanticized (Rummie knows a lot about that), but their literacy rate is amazing, they have the best doctor training programs, etc. I love Cuba and have great admiration for what they have accomplished
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