Financial news
When it comes to paying its (many) creditors, the Castro regime has what can only be described as a terrible record.
As readers may recall from previous posts, the regime still owes an estimated $US26 billion to the countries of the now-disappeared Soviet bloc, which, of course, will never be repaid.
But that’s not all - the Castro brothers have also defaulted on some $US13 billion worth of credit from capitalist countries over the past four decades.
And they are still at it, with Japan becoming the latest nation to get caught up in the trap.
According to media reports in Tokyo, the Japanese government-backed provider of trade insurance, Nippon Export and Investment Insurance, has stopped accepting new applications for trade insurance on business with Cuba.
Which means that almost all exports from Japan to Cuba will come to a halt, at least for now.
And the reason behind the decision by the insurer? Same old story: the Cubans have failed to pay for Japanese imports by the agreed dates.
As readers may recall from previous posts, the regime still owes an estimated $US26 billion to the countries of the now-disappeared Soviet bloc, which, of course, will never be repaid.
But that’s not all - the Castro brothers have also defaulted on some $US13 billion worth of credit from capitalist countries over the past four decades.
And they are still at it, with Japan becoming the latest nation to get caught up in the trap.
According to media reports in Tokyo, the Japanese government-backed provider of trade insurance, Nippon Export and Investment Insurance, has stopped accepting new applications for trade insurance on business with Cuba.
Which means that almost all exports from Japan to Cuba will come to a halt, at least for now.
And the reason behind the decision by the insurer? Same old story: the Cubans have failed to pay for Japanese imports by the agreed dates.
posted by Luis M Garcia at 12:28 pm
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