The hard-currency external debt jumped 148% in 1989–2006, from $6 to $15.4 billion (22% between 2006 and 2005), mainly due to accumulation of unpaid interest and the depreciation of the dollar in recent years, and new debt with Venezuela and China. Cuba has defaulted on payments to Japan, Belgium, Canada, Chile, Mexico, France, South Africa, Spain, and the United Kingdom. At the end of 2004, Cuba’s total external debt was estimated at $35.4 billion (38% in hard currency and 62% in non-convertible currency with former socialist countries), equivalent to $3,100 per capita, more than twice the average per capita debt in Latin America (Mesa-Lago 2005). As a percentage of exports of goods and services in 2004 (latest year available), a measure often used by financial institutions to assessability to repay, Cuba’s hard-currency debt alone was 213%, 54% above the regional average of 138% (ECLAC 2006b). The president of Cuba’s central bank reported that the short-term debt decreased to 27% in 2005 v. 73% for medium- and long-term debt, because the new oil debt with Venezuela is long-term (such debt to Venezuela in 2001–2005 was estimated at $2.5 billion), refinancing of previous short-term debt, and new medium-term credits (Soberón 2005). In those calculations he excluded half of the total currency debt that might be short-term (ECLAC 2007), and ONE’s (2007) disaggregated data on the debt does not allow a comparison with previous years.