China forgives Cuba $5 billion in debt

From our Bureau of Communist Hellhole Sugar Daddies

Over the past few years China has gradually become one of the top financial patrons of the parasitic Castro dictatorship, along with Russia and the European Union.

Venezuela can’t be listed as a patron because it has been a colony.

The amount of debt forgiven by China is staggering. And this is not charity, but an investment. China is very eager to position itself in the Western hemisphere, and centrally-located Cuba, mid way between North and South America is strategically perfect…. and a lovely spot in which to deploy weapons of mass destruction as well as mass distraction.

From Forbes:

Over the last 18 years, China has written off around $9.8 billion in debt to other countries. Cuba accounts for over half of it.

The communist-led, closed market economy has been a dependency nation since it was a Soviet outpost in the Cold War. And now, not all that much better off than it was in the 1980s, China funds have been as important to the left’s most romanticized Caribbean getaway as Venezuela’s highly discounted crude oil. Cuba had $6 billion in debt canceled in 2011, an outlier of the dozens of nations on the receiving end of Chinese government loans, based on a report by Development Reimagined and the Oxford China Africa Consultancy published in April.

In 2007, the biggest year for debt forgiveness by Chinese entities, some 25 nations saw their debt written off. But even those 25 nations were no match for the Cubans. They just had a sum of $838 million wiped out, over six times less than Havana.

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