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Cuba, Switzerland agree to regularize overdue debt

Xinhua, May 19, 2016 Adjust font size:

Cuba and Switzerland on Wednesday signed an agreement here to regularize the island nation's overdue debt, the Cuban government said.

The accord, inked by Cuban Vice President Ricardo Cabrisas and Swiss Ambassador Krauer Muller, is part of the implementation of an agreement between the country and the Ad-Hoc Group of the creditor countries in the Paris Club, said an official press release.

During their meeting, Cabrisas and Muller praised the positive ties between the two countries, describing the agreement as an important step for the development of economic, trade and financial relations.

In the last three months, Cuba has signed similar agreements to regularize its medium and long term debt with Spain, Austria, Finland and the Netherlands.

In December 2015, Cuba signed an accord with its creditors of the Paris Club to regulate 2.6 billion U.S. dollars in overdue debt over a period of 18 years, as part of President Raul Castro's efforts to normalize relations with foreign creditors and the international financial community. Endi