Marc Frank, writing for Reuters, reports today that the Paris Club is looking to re-open negotiations with Cuba regarding its foreign debt, and mentions Cuba’s outstanding debt to Russia of 20 billion Soviet rubles as a stumbling block.
In 2001, when the Economist wrote about Cuba’s Soviet ruble debt, it pegged the value of that 20 billion debt at $690 million USD, while pointing out that in 1991, 20 billion rubles equaled $11.8 billion. If you check the Russian ruble -> USD conversion rate today, you’ll find that a 20 billion Russian ruble debt is currently worth $662 million. What will it be worth next year? What was it worth in 1997? Continue reading