Cuba seals 'historic' debt pact with Paris Club

French Finance Minister Michel Sapin leaves the Elysee presidential palace on December 9, 2015 in ParisCuba on Saturday concluded a “historic accord” over debt that was not paid to foreign creditors for the last 25 years, French Finance Minister Michel Sapin announced. “This accord helps to definitively resolve the issue of Cuba’s medium-term debt… which has not been honoured since the 1980s,” he said in a statement. The cumulative interest amounting to $4 billion (3.6 billion euros) will be waived while the unpaid debt of $2.6 billion to France will be paid by Cuba over a period of 18 years, depending on its economic situation, he said.

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