Cuban government's debt to Spanish companies rises to at least $320 million

"A recent survey by Spain's Commercial Office in Havana puts the outstanding liabilities at about $276 million and warns that another $80 million are trapped in retained dividends and accounts that cannot be transferred off the island A woman walks through downtown Havana, surrounded by uncollected garbage, on Sunday, February 15.Norlys Perez (REUTERS) The collapse of the Cuban economy has dealt a major blow to the airlines and hotels that have been operating in the archipelago for decades."

"The tightening of the U.S. embargo which has prohibited the supply of crude oil from Venezuela or Mexico has triggered an unprecedented economic crisis, forcing companies to improvise contingency plans to cope with fuel shortages and the absence of tourists. The impact of this shock has been far broader, extending to the rest of the Spanish business sector with interests in Cuba."

"Spanish companies say the Cuban government owes them at least around 300 million (about $324 million) in unpaid debts and other funds that cannot be taken out of the island, although the real figure is likely higher because the estimate comes from a document in which most companies operating in Cuba did not provide their numbers. The figures appear in the latest privatedebt report prepared by Spain's Economic and Commercial Office in Havana, which shows that the volume"

Spanish companies with interests in Cuba face substantial unpaid liabilities and trapped funds estimated between $276 million and $356 million. A survey by Spain's Commercial Office in Havana reports outstanding liabilities of about $276 million and warns another $80 million are trapped in retained dividends and nontransferable accounts. The collapse of the Cuban economy and the tightening of the U.S. embargo, which restricts crude oil supplies from Venezuela and Mexico, have caused fuel shortages and tourist shortfalls. Airlines, hotels, and other Spanish businesses have been forced into contingency plans. The private-debt report indicates accumulated debt grew slightly last year, but true liabilities are likely higher.

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