Cuba proposes to use rum to pay back Czech debt

According to the Czech Statistics Office, the Czechs imported rum from Cuba worth over $2m a year ago however according to Moody's, their government debts amount to about $24.7 billion (31% of gross domestic product).

The cash-strapped island nation has offered to pay back $270 million in debt to the Czech Republic using rum and pharmaceuticals instead of money.

Cuba wants to pay off its Soviet-era debt in rum.

However, the residents of Prague claim that at least a part of Cuba's debt should be returned in cash.

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According to authorities in the Czech Republic, the government of Cuba has proposed resolving a Cold War-era debt by paying the Czechs in a treasured Cuban commodity: rum.

The debt is still being negotiated because most of it is counted in Soviet rubles.

That was indeed Cuba's proposal during the negotiations between the two countries. It defaulted on much of it in the 1980s.

North Korea's debt was, however, lower, and reached $ 10 million only.

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Along with cigars and coffee, rum is one of Cuba's most celebrated products and it may very well be used as a de facto form of currency.

If the offer is accepted, the central European nation would have rum reserves to last over a century.

Several members of the club, including the U.K., Australia, Canada and France, agreed a year ago to restructure portions of their Cuban debt and wave some payments.

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