Wealthy Creditors Give Cuba a Pass, But Will Impose Penalties

Wealthy nations grouped together in the Paris Club of creditors have waived Cuba’s annual payment for restructured debt but plan to impose a penalty on the Communist–run island, according to five Western diplomats with knowledge of the situation, Reuters reported. This year marks the first time Cuba has missed the entire payment due by Oct. 31 since the restructuring agreement was signed in 2015, though it fell short of full payment last year as well. The accord, signed in tandem with the U.S. detente under former President Barack Obama, is seen as a historic effort by all parties to begin to bring Cuba back into the international financial system and has survived efforts by the administration of President Donald Trump to torpedo it. Read more