Russia Cuts Cuba’s Debt to US $3.5 Billion

Russia Cuts Cuba's Debt to US $3.5 Billion

July 4, 2014

Putin Arrives in Havana on July 11th



HAVANA TIMES — The Russian Parliament approved today the cancellation of

90% of Cuba's 35 billion dollar debt (26,000 million euros) from Soviet

times, the same day the Kremlin announced a visit by President Vladimir

Putin to the island on July 11.



Nonetheless, Cuba must repay the remaining US $3.5 billion over ten

years, reported dpa news.



The Soviet Union was the main trading partner and strategic ally of

Fidel Castro during the time of the Cold War. The collapse of the

socialist bloc put the island on the brink of economic collapse in the

early 1990s.



When in Havana, Putin plans to meet with both President Raul Castro, 83

and former leader Fidel Castro, 87.



The Russian leader will then continue on to Buenos Aires, where he will

meet with the Argentine President Cristina Fernández.



Putin will also attend a summit in Brazil of the BRICS emerging

economies group (Brazil, Russia, India, China and South Africa) on 15

and 16 July in Fortaleza and Brasilia.



Source: Russia Cuts Cuba's Debt to US $3.5 Billion - Havana Times.org -

http://www.havanatimes.org/?p=104666