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From: "Pedro Martori"
Subject: Castro took Japan for $1.7 billion, EU for about $11 billion
charset = "utf-8"
Date: Wed, 4 Sep 2002 20:43:31 -0400
NNTP-Posting-Date: Wed, 04 Sep 2002 20:41:41 EDT
Organization: Bell Sympatico
Asunto: Castro took Japan for $1.7 billion "Cuba's Foreign Debt,"
August 19, 2002 (fwd)
Fecha: Wednesday, September 04, 2002 11:09 AM
Castro took Japan for $1.7 billion, EU for about $11 billion.
Europe for about $2.2 billion,ex URSS : $25 billion.. etc..etc...
---------- Forwarded message ----------
Date: Wed, 4 Sep 2002 00:01:54 EDT
Cuba Transition Project, "Cuba's Foreign Debt," August 19, 2002
CUBA'S FOREIGN DEBT CRISIS
EUROPEAN UNION: $10.893 billion (According to the most recent
from the Banco Central de Cuba, the island's official foreign
ascended to $10.893 billion at the end of 2001. Cuba has paid
principal nor interest since 1986 on multilateral obligations to
the Club of
Paris [19 primarily Western European creditor nations].
EASTERN EUROPE: $2.2 billion (Estimated debt owed to former
regimes in Eastern Europe, now absorbed largely by a unified
Germany and the
FORMER SOVIET UNION: $25 billion (Moscow and Havana are engaged
on-going dispute over a Cold War debt calculated by Russia at 20
UNITED KINGDOM: $196 million (Outstanding debt
million in short-term credits--to the UK's Export Credits
Department. The ECGP has refused to underwrite any further
to Cuba due to the island's poor payment history.)
JAPAN: $1.7 billion (Japan is Cuba's single principal creditor)
CHINA: $400 million (Beijing committed some $400 million in
to Cuba during Jiang Zemin's state visit in April 2001)
ARGENTINA: $1.58 billion (Cuba's second largest creditor, after
MEXICO: $380 million (Refinanced under a 2002 accord)
VENEZUELA: $142 million (In unpaid petroleum purchases, even
favorable financing terms)
CANADA: $73 million (Official public debt held by Ottawa.
and medium-term commercial debts to Canadian suppliers.)
CHILE: $20 million (Unpaid fish imports -- a typical case of
default on a
foreign government's short-term food export credit program.)
SOUTH AFRICA: $85 million (Includes a delinquent $13-million
for the acquisition of diesel engines in 1997)
NOTES: Cuba's foreign debt owed to numerous countries remains
Castro regime lacks the resources to even pay interest on these
Several European governments are now refusing to provide further
credit to Cuba. According to a Reuters report on 6 July 2002,
"the island is
notorious for paying its debts late...and public and private
report that the situation has grown much worse in recent
months." As The
Economist noted in May 2001, "France, Italy and South Africa
cut off further credit to Cuba, in a bid to claw back some of
what they are
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