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Spain to forgive 1.7 billion euros in Cuban debt interest

Source: Fox News Latino - Mon 14th Dec 2015
Spain to forgive 1.7 billion euros in Cuban debt interest

Spain will forgive EU1.709 Bln in Cuban interest created by Havana's decades-long delay in paying its debt to various Paris Club developed nations, Economic Ministry officials told EFE.

The amount is part of the EU7.731 Bln in Cuban debt that Group of the Creditors of Cuba - within the Paris Club - decided to forgive on Saturday morning.

France and Spain are Cuba's main creditors, along with Japan and Italy.

The group of creditors also includes Australia, Austria, Belgium, Canada, Denmark, Finland, The Netherlands, Switzerland and the UK.

The Paris Club is an informal group of public creditors created in 1956, including officials from 20 developed countries who periodically meet to try to resolve the payment problems of debtor nations.

The decision was made possible thanks to an international and multilateral agreement in which Spain plays a very active role, the same sources said.

Cuba owes the Paris Club about EU10.08 Bln of which EU7.731 Bln is interest that will now be forgiven.

In exchange, Cuba promised to pay off the remaining EU2.364 Bln in principal over a period of 18 years.

Cuba has not paid back the medium- and long-term debt it has accumulated with the Paris Club nations since the 1980s.

After Madrid's forgiveness of the more than EU1.7 Bln in interest Cuba owes it, the principal on the island's debt to Spain stands at EU537 Mln.

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* Spain's public debt-to-GDP ration at 99.3% in Q3

* EU calls on next Spanish Gov't to extend economic reforms

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