Cuba proposes to use rum to pay back Czech debt

Cuba wants to pay off some of its Cold War debt in rum
Mjucha/123RF Cuba wants to pay off some of its Cold War debt in rum
Author

18 December, 2016

The people of the Czech Republic enjoy alcohol, consuming the most beer per capita in the world and it imported 892 tons of Cuban rum worth 53 million koruna ($2.05 million, 1.96 million euros) in 2015.

Cuba wants to repay a Cold War-era debt to the Czech Republic through their internationally popular Cuban rum, the Czech foreign ministry said on Thursday (15 December).

The debt comes from when the two countries were part of the communist bloc and Michal Zurovec, a spokesman for the Czech finance ministry, said that Cuban authorities have proposed to pay back $276m (£222m) to them.

In total, Cuba's external government debt is about $24.7bn, or about 31 per cent of the country's gross domestic product, according to estimates by Moody's. According to the Czech Statistics Office, the Czechs imported rum from Cuba worth over $2 million past year. That's a lot of Cuban rum (and drugs).

Murdoch's Fox acquires Sky Network for $14.6B
James Murdoch , Sky's chairman, is not on the committee because he is chief executive of 21st Century Fox . Since then, Fox and the Murdoch newspaper business, rebranded as News UK, have been formally split.

Vaidisova added that her party "believes that at least part of the debt should be dealt in cash".

Havana said if rum wouldn't completely cover the debt it was more than happy to offer the European country a wide range of pharmaceutical drugs. With nearly 4 million cases sold in 2012-2013 across 120 nations in the world, it is the fifth-largest rum brand in the world.

Several members of the club, including the U.K., Australia, Canada and France, agreed past year to restructure portions of their Cuban debt and wave some payments.


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