In 1996 Cuba bought diesel engines and pesticides from Cuban companies.
They accepted to sell as the South African state ex****t insurance
covered the debt.
The Cuban regime failed to pay and companies filed a claim with the
national ex****t insurer.
This paid on the Cuban default insurance policy.
Now the government has to write down 117-million-dollar/
73-million-euro as Cuba defaults completely on the payment.
The people of South Africa are being robbed and God they need the money.
This non-payment of commercial debt is one of the biggest problems for
Cuba.
Even China recently had to step in to endure Chines companies would
continue to sell to Cuba.
"For their part, Chinese diplomats and businessmen complain about
inefficient Cuban trade and production systems, and have voiced
increasing concern over delayed debt payments."
http://groups.yahoo.com/group/CubaVerdad/message/8646
SA writes off R926,8m owed by Cuba
Cape Town, South Africa
17 April 2008 11:25
The Cabinet has approved the cancellation of a R926,8-million debt owed
by Cuba to South Africa, government communications head Themba Maseko
said on Thursday.
The debt arose out of insurance cover provided to Cuba by the Ex****t
Credit Insurance Cor****ation of South Africa for the ex****t of diesel
engines and pesticides in 1996, he told a media briefing following
Wednesday's regular Cabinet meeting.
"Given the *****sment of Cuba's debt position, government is of the view
that Cuba was not in a position to meet its obligations in the
foreseeable future."
Cuba's debt position had the potential to undermine bilateral economic
relations and detracted the two countries from pursuing mutually
beneficial relations in areas such as biotechnology, pharmaceuticals and
eradicating tuberculosis and malaria in Africa, as well as strengthening
south-south relations, Maseko said. -- Sapa
http://www.mg.co.za/articlepage.aspx?area=/breaking_news/breaking_news__national/&articleid=337183
http://cubadata.blogspot.com/2008/04/sa-writes-off-r9268m-owed-by-cuba.html
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