Cuba

Last December, Cuba reached a historic agreement with the Paris Club to restructure its debt, following the default of the Caribbean island in 1986. According to the group of creditors, Cuba’s debt totalled 11 billion dollars in 2015, including charges accumulated through interest and penalties following default. The terms of the agreement provide that the Paris Club must write off the interest accumulated, totalling 8,500 billion dollars. Cuba, for its part agreed, to pay 2.6 billion (...)