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US News Setting her debts, a puzzle for Cuba in full pandemic

10:30  04 may  2021
10:30  04 may  2021 Source:   pressfrom.com

Adjusting her debts, a cuba puzzle in full pandemic

 Adjusting her debts, a cuba puzzle in full pandemic © provided by the point a fferd by the hardening of the American embargo and the absence of tourists with the pandemic, cuba ceased to repay His international creditors, but they hope to negotiate a return on the rails in the coming months.

Des Cubains font la queue pour acheter de la nourriture à La Havane, le 3 mai 2021 © Yamil Lage cubans queues to buy food in Havana, May 3, 2021

weakened by the hardening of the American embargo and l 'Absence of tourists with the pandemic, Cuba has ceased to repay its international creditors, but they hope to negotiate a return on the rails in the coming months.

Un Cubain porte un short et un masque aux couleurs du drapeau américain dans une rue de La Havane, le 3 mai 2021 © Yamil Lage A Cuban wears a shorts and a mask with the colors of the American flag in a rue de la Havana, on May 3, 2021

concerning the money due to 14 countries including France, Spain and Japan, the Paris Club - The proceeding that manages the discussions - to negotiate between May and June a new payments schedule after a one-year moratorium granted in 2020, AFP has indicated a diplomatic source.

Cuba: an artist dissident on strike of hunger and thirst

 Cuba: an artist dissident on strike of hunger and thirst © Reuters - Alexandre Meneghini The artist Luis Manuel Otero Alcantara during an interview at the headquarters of the San Isidro movement in Havana, April 6, 2021. The dissenting artist Luis Manuel Otero Alcantara had been arrested in a poor neighborhood of Havana, then released one day after his interpellation in the context of an artistic performance during the Communist Party Congress. Political provocation according to the authorities.

Un homme porte ses achats dans une rue de La Havane, le 3 mai 2021 à Cuba © Yamil Lage A man carries his purchases in a rue de la Havana, May 3, 2021 in Cuba

as to the debt with private creditors, managed by the London Club, the CRF I LTD investment fund, which in holds the largest share (1.2 billion euros, or 1.5 md USD), has just made a restructuring offer with a discount of 60% to President Miguel Diaz-Canel, in a mail whose AFP has obtained copy.

At the recent Congress of the Communist Party marking its retirement, Raul Castro assured that the country wanted to "start comply with (its) international financial commitments when the economy recovers".

But there are exogenous factors currently weighing on the Cuban payments balance: the pandemic and the American sanctions ", comments Pavel Vidal, economist at the Javeriana University of Cali (Colombia).

In the suburbs of Buenos Aires, the epidemic explodes the poverty

 In the suburbs of Buenos Aires, the epidemic explodes the poverty © provided by the point to with the pandemic of Covid-19, Daisy Garcia, 26 years old, served daily meals at some 80 people in a Popular soup of a poor town located southwest of Buenos Aires. Today, it distributes nearly 1,000 daily meals. "We would never have imagined to get there," said the young woman. Since it emigrated from the Paraguay 14 years ago, Daisy Garcia lives in the municipality of Matanza, the most populous in the province of Buenos Aires.

for Cuba, "The situation is even more complicated" than in 2020, addresses the Economist Omar Everleny Pérez, the Christian Center for Reflection and Dialogue.

So "With what are we going to pay?" he continues. "It's true that there is a will to pay, but on the other hand, it's true that people do not have to eat".

- Call for Clemence -

The gross domestic product (GDP) dropped by 11% in 2020 and imports, which cover 80% of the needs, are at the lowest since 2009, aggravating the shortages. "We can not ask for an additional effort to a country drowned by the pandemic," says Pérez.

Un Cubain vend des salades et des jus de fruits dans une rue de La Havane, le 3 mai 2021 © Yamil Lage A Cuban sells salads and fruit juices in a rue de la Havana, May 3, 2021

It is precisely a call to the clemency launched by President Diaz-Canel at the recent Ibéro summit -American.

"Developing countries bear the unbearable burden on an external debt, already a thousand times paid, and some are also undergoing the impact of unilateral coercive measures," he said with reference to the US embargo, applied Since 1962.

BP Share Stark: BP starts after a good quarter Share Receiving

 BP Share Stark: BP starts after a good quarter Share Receiving The British oil company BP has gotten better than expected by the first quarter. © Provided by finanzen.net Daniel Roland / AFP / Getty Images The British oil company BP starts after a surprisingly significant profit for the start of the year with share recalls. In the second quarter, equities worth $ 500 million (413 million euros) are to be repurchased, the Group announced on Tuesday in London.

Une vieille voiture américaine dans une rue de La Havane, le 3 mai 2021 à Cuba © Yamil Lage An old American car in a rue de la Havana, May 3, 2021 in Cuba

for several months, the government campaign, on social networks and via events in Cuba and in the countries of The Cuban diaspora, to demand the lifting of the embargo, reinforced under Donald Trump.

The question of the debt of poor countries has returned to the foreground with the pandemic: the G20 granted to 74 countries a one-year moratorium, recently renewed for six months.

The World Bank and the International Monetary Fund (IMF) are intended to be at the bedside of fragile countries but Cuba is neither member of the two bodies and is on the front line facing creditors.

- "Back smoothly" -

The agreement with the Paris club in 2015 had erased 8.5 out of 11.1 billion dollars due, the rest being converted into investment projects or staggered until 2033 (Cuba had to reimburse 85 million in 2020).

What to complete the island, in default of payment since 1986, on the right path after debt erase by China in 2011 (6 billion USD), Mexico in 2013 (487 million) and Russia in 2014 (35 MDS).

The country is, however, in lack of payment with Brazil since 2018 and owes to Argentina 2.7 billion, a debt dating back to the 1970s.

for John Kavulich, President of the Cuban American Economic Council, "now, another Recyclassing (from the Paris club debt) will be necessary, and the participating countries are prepared there ", because they" have few means of pressure and Cuba knows it ".

As for the commercial debt, CRF I Ltd proposes in its mail "a settlement agreement that will end the costs, the bad advertising and the stigma weighing on Cuba, while facilitating a possible gentle return on the international financial markets" .

For Eleven years, the Fund tries in vain to negotiate an agreement. In the past, its offers have remained a dead letter and its legal action, launched in London in 2020, is still in progress.

KA / JB / MLB

Global military expenditure increased in 2020, despite the coronavirus crisis .
© Alexandros Vlachos / EPA-EFE of military aircraft stationed during an international exercise on the air base of Andravida, in northwestern Peloponnese , in Greece, on April 20, 2021. Despite the pandemic, the total of global military spending reached $ 1,981 billion last year, a 2.6% increase in real terms compared to 2019, According to the data published on Monday by the International Institute for Research on Peace of Stockholm.

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