Last week, we posted how the Paris Club of creditor nations was close to finalizing a deal restructuring Castro's $11.1 billion debt with the group.
The deal has now been finalized.
Here are the terms:
First, the Paris Club will forgive $8.5 billion of the debt.
As for the remaining $2.6 billion -- repayment is structured over 18 years and annual payments gradually increase from 1.6% of the $2.6 billion ($40 million) in 2016 to 8.9% in 2033.
That's right, ladies and gentlemen, Castro will be spared any burden for his financial irresponsibility for the rest of his life.
It will be the Cuban people -- in 2033 -- when Raul Castro turns 102 years-old, or is dead, who will pay the heaviest burden of this debt.
Castro will now also get a new credit card from the Paris Club.
As one foreign banker stated, "this is an astoundingly generous deal, a fabulous agreement for Cuba."
Cuba's dictatorship, that is.
Again, why such generosity towards this repressive totalitarian dictatorship?
As Reuters had explained, "most of the creditors are willing to show flexibility due to their increased interest in doing business in Cuba following the Communist-run island's detente with the United States."
In other words, the Castro regime has done absolutely nothing to deserve such generosity -- nor will it have any further incentive to do so.
It's simply another multi-billion dollar consequence of Obama's bailout of the Cuban dictatorship.
at 9:12 AM Wednesday, December 16, 2015
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