Debt

Parliamentarians begin analyzing economic situation

July 28, 2010

The Committee on Economic Affairs of the Cuban National Assembly of People’s Power (Asamblea Nacional del Poder Popular, ANPP) began today studying different issues related to the situation on the island, specifically, the precarious economic performance, which has increased demands for fundamental change by the populace. Ministers and other leaders also notified members of the [...]

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Profound political and economic reforms underway?

July 19, 2010

Mauricio Vicent wrote in today’s El País that in the official media of Cuba there is talk of “reforms” that will be launched after August. According to sources consulted by the daily, the Raul Castro government will make ”changes,” which include: expansion of self-employment and above all the cooperativization of some services; continuation of reductions in subsidies and social [...]

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China to the rescue

July 2, 2010

China could help Cuba cover its banking system’s liquidity deficit with a multibillion dollar loan. Havana has already asked for a $3B loan. The cause of the liquidity crisis is attributed to lack payments by Cuban banks worth between $600M and $1B in 2009 according to United Nations’ CEPAL data (pdf). [ANSA]

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Fear of hard times ahead

November 28, 2009

Cubans are bracing for hard times in 2010 as President Raul Castro slashes imports and cuts government spending to get Cuba out of crisis — and they are growing impatient with the slow pace of economic reform. Hurricanes, the global recession, U.S. sanctions and the inability of the communist-run island’s command economy to maneuver have [...]

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Asphyxiating economic situation

November 20, 2009

The government of Army General Raul Castro suffers from an asphyxiating lack of liquidity which has caused a fall of 36% in Cuba’s foreign trade in the first nine months of 2009. And the solutions to the economic crisis are a period of wartime and deprivation: not paying debt nor to those of other countries or [...]

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Govt. considers easing stranglehold on retail sector

September 2, 2009

Via Financial Times: The Cuban government is considering easing its stranglehold on the retail sector in an effort to legalise the underground economy and reduce massive theft. A recent communiqué from the Communist party’s central committee suggested change was coming to one of the world’s two remaining Soviet-style command economies, the other being North Korea…Cuba [...]

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