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The time for talk is over: Europe’s politicians need to act fast in order to solve the ongoing ﬁnancial crisis in the eurozone
After watching their fortunes nosedive over the past year on the back of Russia’s annexation of Crimea and adventures in eastern Ukraine, Russia’s oligarchs caught a break on Friday night: a free meal on Vladimir Putin.Read more
The move by US President Barack Obama and his Cuban counterpart, Raul Castro, to announce the tentative resumption of diplomatic relations is already prompting talk that the world’s oldest trade embargo may be coming to an end.
Introduced in 1960, the US embargo of Cuba has hit the island economy of 11m people hard over the decades. In its annual report to the United Nations on the subject Cuba in September estimated it lost $3.9bn in foreign trade in 2013 alone because of the embargo. Havana’s running tally for the total economic damage: $116.8bn.
That figure is obviously worth taking with a pinch of salt, as should be any idea that the embargo is going to be lifted soon.
But there is no doubt that a change in US policy would represent a huge economic opportunity for Cuba or that the potential looks alluring to plenty of businesses in the US. Here are some points to keep in mind and some charts worth pondering:Read more