The Cuban government owes at least 300 million euros to Spanish companies, amidst an unprecedented economic crisis in Cuba exacerbated by the U.S. embargo.
The Cuban government's debt to Spanish companies is estimated to be at least 300 million euros, according to a recent survey by the Spanish Commercial Office in Havana. This amount includes 256 million euros in outstanding payments and an additional 74 million euros retained in dividends and accounts that cannot be transferred off the island. The situation highlights the financial strain on Spanish businesses operating in Cuba, which have been longstanding players in the island's economy.
The ongoing economic crisis in Cuba, marked by significant hardships for various sectors including airlines and hospitality, is largely attributed to the strict U.S. embargo. This embargo has restricted the supply of crude oil from Venezuela and Mexico, leading to severe fuel shortages and a decline in tourism, further destabilizing the economy. Spanish companies, which have historically invested in Cuba, are now facing an uncertain future due to the Cuban government's inability to honor its financial commitments.
The implications of this debt are significant, not only for the Spanish businesses involved but also for the broader economic relations between Spain and Cuba. As the Cuban economy continues to collapse, the prospects for recovery diminish, which may lead to strained ties and decreased investment from foreign companies. This situation serves as a barometer for the challenges faced by international businesses in a rapidly deteriorating economic landscape in Cuba.
