May 29, 2019, 08:00 am
China Has Forgiven Nearly $10 Billion In Debt. Cuba Accounts For Over Half.Kenneth Rapoza
Senior Contributor, Markets
Over the last 18 years, China has written off around $9.8 billion in debt to other countries. Cuba accounts for over half of it.
The communist-led, closed-market economy has been a dependent nation since it was a Soviet outpost in the Cold War. And now, not all that much better off than it was in the 1980s, China funds have been as important to the left’s most romanticized Caribbean getaway as Venezuela’s highly discounted crude oil. Cuba had $6 billion in debt canceled in 2011, an outlier of the dozens of nations on the receiving end of Chinese government loans, based on a report by Development Reimagined and the Oxford China Africa Consultancy published in April. ...
Cuba’s government now seems unable to get food to its people, much like the Venezuelans (who also cannot get medicine and gasoline to its people). This month, Cuba actually took to rationing certain food items, using the rations as a means to blame Trump for tightening U.S. economic sanctions. ...
Full story at FORBES
