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Russia will write off $ 32 billion of the Cuban debt
1 Comment · Posted by Sergei Rzhevsky in Economics, Politics
Russia will write off $ 32 billion, which the Republic of Cuba owes Russia on loans granted during the Soviet period.
The total amount of the Cuban debt is about $ 35.2 billion. 90% of the debt ($ 32 billion) will be written off and the remaining 10% will be repaid over 10 years.
Also, it should be noted that these payments will be credited to a special account in the National Bank of Cuba. It is assumed that these funds will be used to finance investment projects in Cuba. What a great scheme!
Writing off the Cuban debt is the biggest act of financial debt settlement in the history of post-Soviet Russia. Previously, the largest write-off was with Iraq debt ($ 12 billion).
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Laura · July 10, 2014 at 8:09 pm
That’s great! It’s so nice to hear something positive about Russian politics for a change.