Friday, May 22, 2009

Cimex puts off payments; Bencomo says remittance levels stagnant

From Reuters:

Cuban corporation says cash crunch slows payments

Thu May 21, 2009 5:11pm EDT

By Jeff Franks

HAVANA, May 21 (Reuters) - A cash crunch is causing one of Cuba's largest business corporations, Cimex, to put off payments for some products, but the bills eventually will be settled, the head of the state-owned company said on Thursday.

Cimex President Eduardo Bencomo also said Cuba had not yet seen an increase in remittances sent by Cuban Americans to their families on the communist-ruled island, after U.S. President Barack Obama lifted restrictions on them last month.

Click here for the whole story.

Something to think about:
[The regime] blames a U.S. trade embargo imposed since 1962 for many of its problems. But Cuban President Raul Castro has said Cuba needs greater productivity and called for a pay system that rewards the best workers.
Is the correlation between the embargo and Cuba's opening to tourism, allowing renting to tourists in casas particulares, food service in home-run paladares, etc. just coincidence?

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