It’s good there are not such things as credit history or credit reporting agencies in Cuba. Otherwise, they poor guys working in there would be literally pulling their hairs dealing with a customer whose credit score would be, like, -850 (yes, that’s a minus sign).
If it would be possible to pull out Cuba’s credit report, the list of delinquent accounts would take a zillion pages to print out.
The latest example came out a couple of days ago, when the Canadian oil company Pebercan made public the fact that castro’s inc owes them a big time chunk of money for their shared operations with CUPET (Cuba Petróleos).
" Of the $39,136M owed to the Company, only $2M has been paid so far", states the press release.
Why am I not surprised? Well, because there are no worse blinds than those who do not want to see… (In my rough translation of the Cuban saying).
Despise hard evidences like this, there are people here in the US that still want to openly do business with a government that has like the wost credit history in earth.
Give it a try and you'll lear from yourselves. Do not collect the payment in cash and upfront and you all savvy businessmen are going to learn the lesson the hard way.
(And note that I say government because they are the ones responsible for that failure. Change the goverment to a democracy and free market and you'll see how things change)
On top of that, the very own regimen press informed that the foreign investments projects in the island are coming down after raúl inherit the plantation; I mean, was invested as new president.
I guess this is a hard proof of the reforms implemented by the new owner, I mean, president, but that’s a topic for another post…
So, classroom, what’s today’s hard-core lesson?
Que quien se acuesta con niños amanece mojado.
Which mean that if you as country or company are putting yourself at risk by dealing with the representatives of a failed economic experiment, in a country that has been massively destroyed (economically and in all senses) in the past 50 years… what else were you expecting anyway?
I, that am not economics nor business savvy, think that as long as anybody does business with them without covering their backs, they have big time chances to lose, let’s say… up their shoes. It does not take a PhD to realize that.
I wonder if any Colorado businessmen is aware of these news...