In the midst of chaos in Venezuela, a dependent Cuba and its economic future is walking on a tight rope. As Venezuela’s economic woes deepen, with an annualized inflation rate reaching 57 percent, and violent clashes between pro- and anti-government protesters escalate, the probability of a new government is high, making Cuba’s future uncertain. Even if Nicolas Maduro, who succeeded the late Hugo Chavez as president, stays in power, he could be forced to cut aid to Cuba to help alleviate Venezuela’s imploded economy, which suffers from stagnation, inflation and shortages. For the last decade, Venezuela’s oil has helped fuel Cuba’s economy, providing 60 percent of the communist-ruled island’s demands. In exchange, Cuba sends about 30,000 doctors to Venezuela, according to an analysis by Pavel Vidal, a former official at Cuba’s central bank and now an economics professor at the Universidad Javeriana in Cali, Colombia.
Posted on: Wed, 19 Mar 2014 21:49:20 +0000
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