President Barack Obama’s historic normalization talks with Cuba have brought about a lot of excitement in business circles, and hardly a day goes by without new reports of U.S. investors, lawyers and entrepreneurs flocking to the island. But I’m afraid most of them will lose their shirts there.
A dispassionate look at Cuba’s reality shows that, despite all the hoopla about last week’s U.S. removal of Cuba from its list of terrorist nations, which opened the way for re-establishment of full diplomatic relations between the two countries and international loans, Cuba remains one of the most backward countries in Latin America. And it will take many years to get its economy back to life.
Read Full Article »