OUR Cuba tried hard to succeed debt restructuring a debt that goes back not only to his years Fidel Castro but mostly in the 1980s the members of the Havana government insist that they are ready to talk to their “legitimate” creditors about paying off their debt. In short, they’re excluding a fund based in the Cayman Islands’ tax haven that has been demanding $7 billion in debt repayment since the 1980s and insists that Havana has refused to negotiate for years.

In a rare interview with Financial TimesTwo Cuban ministers stressed that Havana is trying to rid the country of its worst economic crisis in decades. In particular, Minister of Justice Oscar Manuel Silvera emphasized that the position of the Cuban government is that it “recognizes its legitimate debts and its legitimate creditors, transparently and negotiates with them in search of conditions favorable to both parties in order to fulfill the country’s obligations” .

Havana has since 2015 reached an agreement to write off 3/4 of its debt with a group of creditor countries known as the Paris Club. However, he was never able to reach an agreement with his private sector creditors. For international investors, an agreement with private investors to restructure Cuban debt is a condition for Cuba to gain access to international bond markets. And access to debt markets is essential for Havana to finance its illiquid economy after being cut off from markets for decades. Cuban government bonds are rarely traded on secondary markets due to lack of demand. After all, the sanctions that Washington has imposed on the Caribbean island do not allow American funds to invest in Cuban debt. On the rare occasions when an investor decides to buy Cuban bonds, their price does not exceed 10 cents per dollar of face value.

The problem is that Havana must first settle its dispute with the CRF I fund, which requires two tranches of the oldest debt to be repaid. According to the Cuban government, CRF acquired its bonds illegally and without meeting the necessary conditions, while accusing it of taking bribes to buy Cuban debt. According to Justice Minister Oscar Manuel Silvera, “CRF is not and never has been Cuba’s creditor because it did not buy its bonds properly.” The Cuban politician even cites the testimony of the former head of Banco Nacional de Cuba in a London court, which CRF turned to, and emphasizes that “this man explained how this sad case developed.” The executive in question was sentenced to 13 years in prison for his involvement in this illegal debt purchase. From CRF’s side, fund chief David Charters insists he has repeatedly tried to reach a mutually beneficial deal with Havana to restructure Cuba’s debt.