Haven’t they been isolated from US banking problems?
They don’t even have mortgages, do they?
And it’s been many years since the Soviet Union’s dissolution cut off their support.
And they import much more than they export, so a weak global economy should help them.
The recession is a global one, which for Cuba means tourism from places like Europe has dramatically reduced, and exports (such as nickel, one of their biggest) are being hit.
Plus they’ve had a series of devastating tropical storms which have affected their crops v. badly (and they’re still a big crop-based economy).
That produced an even bigger recession.
That wasn’t just a recession. People were literally starving.
Cuba is an economic and political nightmare. Without tourists and cash sent from relatives in the US, it will completely fall apart. The economic situation cut down on tourism and the large cash influx, so here we are.
The most current set of troubles was started by the run up in oil prices. They started getting oil from Venezuela but the rumors are they are selling it on the open market for the cash. So when the prices dropped back down, they actually got hurt by that.
If a rising tide lifts all boats, then …