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With the dissolution of the Soviet Union in 1991 Cuba lost much of its Soviet financial aid which it had become dependent on. [8] The loss of Soviet trade which comprised 80% of the islands foreign trade, created an economic crisis called the "Special Period" in Cuba which was defined by mass shortages. The Cuban government quickly began ...
"Today we're taking an important step to support the expansion of free enterprise and the expansion of the entrepreneurial business sector in Cuba," a senior U.S. official told reporters.
Ámbito Financiero is an Argentine newspaper founded on December 9, 1976, by economist Julio A. Ramos. It is one of the main economic newspapers. It was initially sold in Downtown Buenos Aires, covering mainly the daily prices of the U.S. dollar, gold, stocks, etc., and included other editorials. Ámbito Financiero was acquired by Orlando ...
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In 1981–1989, Cuba used so-called INTUR coins and cheques. Convertible foreign currency was exchanged into these cheques rather than the national currency, which could be used to buy some luxury goods not available for purchase in the national currency. Also, from 1985, Banco Nacional de Cuba issued foreign exchange certificates of various types.
Videos circulated on social media also show protests in Bayamo, another city in the east. Cuba has been grappling with a severe economic crisis with shortages in food, medicine, fuel and power.
From 1970 to 1980, the Soviet Union was fully immersed in Cuba's economic affairs. [12] In 1972, Cuba joined the Council for Mutual Economic Assistance , [12] and by the end of the 1980s, 85% of Cuba's foreign trade was with members of COMECON. [11] From 1985 to 1989, 74.4% of all Cuban exports were sugar and related products. [13]
Cuba's National Electric Union reported it had run a deficit of nearly 1600 megawatts with a demand approaching 3,200 MW around supper time on Thursday, leaving millions without lights, fans and ...