Bloomberg Quicktake: Now published this video item, entitled “Cuba’s Historic Protests Can Be Traced Back to One Key Moment” – below is their description.
Cuba saw its largest street protest in decades Sunday as thousands marched demanding freedom and food. The deepest economic crisis since the collapse of the Soviet Union, a spike in Covid-19 infections, power blackouts and increased use of social media all helped fan discontent with the 62-year-old communist regime.
The pandemic devastated the island’s economy. As tourism dried up, the economy shrank 11% in 2020, according to Economy Minister Alejandro Gil, its deepest slump since the early 1990s when the collapse of communism in Eastern Europe had deprived the nation of allies and trade partners.
In response, the government this year ended many subsidies and eliminated the decades-old dual currency system. The changes were needed but also unleashed an “inflationary spiral,” according to the Cuban Ministry of Finance and Prices. Some economists estimate that inflation could exceed 400% this year.Bloomberg Quicktake: Now YouTube Channel
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