December 28, 2016 in Daily Bulletin
Venezuela isn’t the only country struggling to pay off debts. Cubans are getting creative too according to the BBC:
- Cuba and The Czech Republic used to be Communist chums during the Cold War. Back then Cuba took out some loans from the Czechs.
- Almost $300 million is now due, and rather than expend precious cash, Cuba offered to pay it back in rum and pharmaceutical drugs.
- The Czech Republic is now a member of the European Union, and Cuba’s medicines aren’t certified in the EU, making them effectively worthless.
- But the rum may cause Czech negotiators to pause for thought. If the entire debt were paid off this way, it’d be enough to supply the country for more than a century.
Read more at the BBC.