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Cuba offers to repay Rs 187 crore debt to Czech Republic with rum — over 100 yrs!

Reportedly, Cuba's finance ministry said it does not have enough money to pay back the $276 million debt, but has abundant quantities of rum available.

By: Trends Desk | New Delhi |
December 19, 2016 6:07:03 pm
Cuba offers rum to Czech Republic, cuba pays off debt using rum, cuba pays off debt with rum, cuba offers rum to czech republic, cuba Rs 187 crore debt offers to pay off with rum, indian express, indian express news, indian express trending This large debt amount dates back to the times of the Cold War, when Cuba was a part of Czech Republic. (Source: Wikimedia Commons)

Cuba, which has a multimillion-dollar debt to be paid off to the Czech Republic, nearly Rs 187 crore, offered to pay it off in a rather unique way. The country has propounded the idea to pay off the humongous amount with its popular liquor — rum, enough for the Czech Republic citizens to consume for over a century!

According to a BBC report, Cuba’s finance ministry said, Havana, the country’s capital, does not have enough money to pay back the $276 million debt, but has abundant quantities of rum available. The Czech finance ministry has said that the offer was arrived at after negotiations on the issue, recently. According to the news report, Prague has said that it would like at least some of the debt to be returned in cash.

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This large debt amount dates back to the times of the Cold War, when Cuba was a part of Czech Republic, then Czechoslovakia, which was then a part of the Communist bloc with Central and Eastern Europe. The Cuban government has also proposed another option, that to repay the debt using pharmaceutical drugs. BBC said the country’s drugs, however, lack European Union certification and, hence, “repaying with a more traditional medicine”, probably referring to the Cuba’s rum, seems like a more plausible option.

Cuba is one of the most popular exporters of rum in the world. Cuban-based Pernod Ricard’s Havana Club is reportedly the world’s fifth-biggest rum brand. This brand of rum was apparently started to be produced in the year 1934, and is owned by Pernod Ricard and the state’s government, both.

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