From Cuba Standard:
Banks reducing exposure to Cuba
Providing evidence of the credit crunch that is forcing Cuba into a tough adjustment program, foreign banks cut back their exposure on the island by 16.39 percent in the first half of last year, according to the latest statistics published by the Bank for International Settlements (BIS).
Cuba is not a member of the Interamerican Development Bank, International Monetary Fund or World Bank and has little access to multilateral loans. Responding to a cash crunch that began in 2008, the government has begun layoffs of 500,000 state workers expected to be completed by the end of March and is cutting back subsidies for state companies and consumers.
According to the BIS quarterly report, foreign banks had outstanding claims of $1.581 billion in Cuba as of the end of June 2010. Fifty-five percent of that amount is due in one year or less; 26.7 percent is due in two years or more.
Cuba's by far biggest lenders are European banks (the BIS reports break down the data by nationality, not individual banks), accounting for 76.28 percent of total outstanding claims. French banks are leading the pack, with $475 million worth of loans and titles (or 30 percent of the total), followed by Spanish banks ($373 million), and German banks ($146 million).
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