Cuba and Paris Club continue their negotiations
- Submitted by: Camila
- Business and Economy
- 03 / 11 / 2015
In recent months, Cuba has been visited by personalities and senior government officials, as well as men in the world of business, trade and investment.
But the most important events have been happening so that they were hardly uncovered soon. Nobody was going to smell "something" and point because negotiations have been high-flying in underground politics.
Almost on par with that Cuba and the US for more than a year negotiating with the utmost discretion steps to restore diplomatic relations, similar in time and quality (discretion) occurred with the Paris Club.
Bruno Bezard, president of the Club that make up the 19 most important creditor countries, met in Havana with specialists in finance from the island. Undoubtedly, this visit is the first by a leader of the Club.
The Cuban debt is between 15 000 and 18 billion dollars and the main creditor is France, which also manages the pockets Mr. Bezard, who chairs the French Treasury.
The fact that the authorities in Havana with a time renegotiated its debt implies that aim at the integration into the global financial reality, inserted in it clearly. For inevitable that was for Havana enter these negotiations you -paralizadas in 2000-and even predictable political observers due to the specific requirements of the process of economic reforms demanded strong capital investment, financial credibility and renegotiation debt, now became clear that uncover the most natural thing in the world by Mr. Bezard.
One of the initial work for this task is simply to determine the exact amount of the Cuban debt. From it is renegotiated, as has already happened with China, Mexico, Russia and Japan.
"We have advanced very quickly. There is a great willingness of Cuba and creditors to begin this work, "Bezard told a news conference in Havana, Reuters reported. "In a few weeks we will close reconciliation. And a few weeks or months we will have a negotiation, "citing the same source.
If realized agreements, the island would get significant benefits to recover financial credibility and access to new loans and other financial facilities.
Without these negotiations, the process of economic liberalization would be slower, ambition to obtain a Gross Domestic Product (GDP) stably ranging between 5 and 7%, would be difficult. This goal requires a strong capital investment.
Source: Havana Times