By the Cuba Journal staff
Cuba has reached an important first step in its debt negotiations with the Paris Club, according to the Voice of America.
The two sides have agreed that the Caribbean island owes $15 billion relating to a default in 1986.
“The final amount of $15 billion has been approved by both parties, so that is a big first step and now the creditors will meet to set policy for formal talks,” a source told VOA.
The $15 billion total comes from $8 billion plus interest and other fees owed to a variety of governments and creditors.
Last year, the country had a foreign debt of $26 billion, according to the Economist.