Wednesday, December 21, 2016

Rum For Debt

Cuba owes Czechland something like +6 billion koruna (~$276 million).  This is debt that dates back to the Cold War days.

Cuba doesn't have that kind of money available so it proposed paying off the debt with rum.

Cuban rum is quite popular here.  In 2015, Czech Republic imported 892 tonnes of rum from Cuba.

The Czech Finance Ministry hasn't agreed to anything but does want some of the debt actually paid in cash.

Here's the part that I don't get.  The money was owed to Czechoslovakia and Czechoslovakia spilt up in 1993.  So did Czech Republic assume the full Cuban debt?  Or was the debt spilt between Czechland and Slovakia?  Does Cuba also owe money to Slovakia?

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