Cuba Creditors Offer 'Very Significant Relief' in Debt Proposal

By voanews.latinamerica
2018.02.13. 18:33
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Cuba's commercial creditors have offered "very significant debt relief" in a proposal sent to cash-strapped Havana in late January, according to two advisers to the group, in a sign that holders of the defaulted debt are ready to ramp up the pressure.

The communist-run island has seen its financial situation deteriorate in recent months following the deepening of Venezuela's economic crisis, lower revenue from commodity and related exports, devastation wrought by Hurricane Irma and tightening of business and travel restrictions by the U.S. administration under President Donald Trump.

In 2015, Cuba reached a debt deal with members of the Paris Club of creditor nations, but having not dealt with its defaulted commercial creditors in the London Club means the country is in effect shut out of international capital markets.

"The committee reached out to Cuba in late January," said Rodrigo Olivares-Caminal, coordinator of the creditor group and a law professor at London's Queen



voanews.latinamerica - Cuba Creditors Offer 'Very Significant Relief' in Debt Proposal
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