{"id":238164,"date":"2021-04-28T11:20:59","date_gmt":"2021-04-28T15:20:59","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=238164"},"modified":"2021-04-28T11:20:59","modified_gmt":"2021-04-28T15:20:59","slug":"the-largest-creditor-of-cubas-debt-proposes-substantial-reduction","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/the-largest-creditor-of-cubas-debt-proposes-substantial-reduction\/","title":{"rendered":"The largest creditor of Cuba\u2019s debt proposes substantial reduction"},"content":{"rendered":"

A British investment firm that controls a series of loans that the Cuban government defaulted decades ago has come up with an agreement that it maintains would help the island return to international debt markets.<\/span><\/p>\n

The firm CRF Ltd., the largest creditor of Cuba\u2019s foreign debt in the <\/span>London Club<\/span><\/a>, offered to convert around 1.4 billion of the debt into a zero-coupon loan with no payments until 2026, according to a copy of a letter sent to Cuban President Miguel D\u00edaz-Canel, to which the <\/span>Bloomberg<\/span><\/a> agency had access.<\/span><\/p>\n

CRF has held Cuban debt since 2009 and made repeated attempts to reach an agreement, including an offer in early 2018, for which no response was received.<\/span><\/p>\n

According to the firm, this proposal would allow Cuba to begin to move away from its reputation as a doubtful debtor in the payment of its debts and, in turn, would allow other creditors inserted in the London Club to reach similar agreements with the island.<\/span><\/p>\n

The group has around 4 billion in loans and other securities that Cuba contracted during the period in which President Fidel Castro was in power. \u201cCuba can move from being in arrears with the commercial creditors to regaining access to willing lenders in the global financial markets,\u201d David Charters, president of CRF, wrote in the letter.<\/span><\/p>\n

CRF, which <\/span>sued Cuba for non-payment<\/span><\/a> in a London court in February 2020 in a case that is still being heard, declined to comment.<\/span><\/p>\n

The authenticity of the March 18 letter was confirmed to Bloomberg by two people with direct knowledge of its contents.<\/span><\/p>\n

This proposal would represent a 60% reduction in the net present value of Cuba\u2019s debt to the London Club.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This proposal would represent a 60% reduction in the net present value of Cuba\u2019s debt to the London Club.<\/p>\n","protected":false},"author":3408,"featured_media":238166,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13903],"tags":[14816,29340],"ppma_author":[33907],"class_list":["post-238164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-cuban-economy","tag-cuban-external-debt"],"acf":[],"yoast_head":"\nThe largest creditor of Cuba\u2019s debt proposes substantial reduction | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"CRF Ltd. offered to convert about $1.4 billion into a zero-coupon loan, representing a 60% reduction in the net present value of Cuba's London Club debt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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