Now that President Obama wants to normalize U.S. relations with communist Cuba, the big question is: Can the U.S. trade embargo last much longer? WLRN Americas editor Tim Padgett spoke to a Cuban émigré here in South Florida who doesn’t think so – and who’s helping U.S. companies prepare for an embargo-less future:
“It’s like a storm now. A storm. I finished work last night at one o’clock in the morning.”
It may or not be a coincidence that Cuban leader Raúl Castro disclosed his new foreign investment law this week just as Venezuela was getting another big thumbs-down from the financial world.
Cuba’s threadbare communist economy depends on kindred benefactors like socialist Venezuela. But as that oil-rich country’s own economy continues to implode – the Fitch Ratings company downgraded Venezuelan credit to “Outlook Negative” on Tuesday – Castro has no choice but to open his island’s rusted doors more broadly to capital, capitalism and capitalists.