Castro Secures Microcredits (For Himself)

October 16, 2010


Times sure are tough for the Castro regime. Apparently, its billionaire defaults on large international loans have caught up to them, for they're now resorting to aggregate microcredits.

Naturally, the regime is providing a creative spin for these, which its apologists are gleefully echoing abroad.

So here's the story -- according to Reuters:

Some European countries are quietly working to bring hard-currency loans to Cuban farmers, an idea Cuba has traditionally resisted but now looks ready to accept to help its economic reforms.

A small flow of Spanish money for credits in Cuba is set to start up in 2011 and there are hopes it can grow as Cuba modernizes its state-prevailing socialist economy.

Of course, the spin is that it's "to bring hard-currency loans to Cuban farmers." Doesn't that sound nice?

But here's the fine print:

Because of the political sensitivities, diplomats said the loans will not go directly from foreign providers to individuals.

Instead, the initial Spanish funds will be channeled through the state-owned Bank of Credit and Commerce to groups of farmers leasing land from the state.

In other words, the Spanish government will -- once again -- place cash in one of Castro's banks.

Ironically, Castro's Bank of Credit and Commerce is one of the banks that froze and confiscated over $1 billion in Spanish company accounts just last year.

So what are the odds that a Cuban farmer will ever seeing a penny of this?

Similar to those of the Spanish government -- slim to none.