International

Cuba, crisis and dollarization: without foreign exchange there is no country

The shortage of bread and rice, liquefied gas and gasoline, basic medicines and public transport, even daily blackouts. Many symptoms of the Cuban polycrisis have their origin in a common problem: the lack of foreign exchange of a state that monopolizes vast sectors of the economy.

The Liquefied Gas Company reported on Monday that it had no balitas (cylinders) until “the next import”, just one day after a freighter with 24,000 tons of wheat docked in Havana, where the manufacture of bread had been paralyzed due to lack of flour.

For weeks the queues at the service centros (gas stations) have been perpetual and many electric generation engines remain at a stop due to a shortage of imported fuel, while large areas of the country suffer blackouts of 20 or more hours a day.

“There is a critical shortage of foreign currency in the country,” Cuban economist and doctor in Public Policies Tamarys Bahamonde told EFE.

Independent experts consulted by EFE agree to start with the collapse of national agricultural and industrial production, which has skyrocketed imports, which account for 80% of what the country consumes, according to the United Nations.

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In turn, the main sources of foreign exchange income – tourism, remittances, professional missions (mainly medical), sugar, the biopharmaceutical sector and nickel – have fallen significantly.

This has generated a strong imbalance in the accounts of the State, which exercises the monopoly of foreign trade and other key sectors.

“If there is no production that you can stop importing, we will not get out of this vicious circle,” says Cuban economist Omar Everleny, professor at the University of Havana.

The financial situation is such that in the middle of last year the Government began to decide on budget execution on a regular basis, depending on the actual income of each month.

The Cuban Government underlines the weight of US sanctions and the financial effects of their inclusion in the list of countries sponsoring terrorism for this crisis. The experts, for their part, highlight the internal causes (without denying the damage of the blockade or embargo).

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Cuban economist Ricardo Torres, a professor at the American University of Washington (USA), talks about structural imbalances of decades and denounces a bad allocation: “More than a problem of resources, it is a problem of use of money.”

He explains that the Government has financed in the last ten years a “massive construction of hotels” – a sector in the hands of Gaesa, the army’s business consortium – despite very low occupancy rates.

“Seeing the public numbers, I come to the conclusion that it is a country in crisis, without a doubt. But with that I can’t justify that there is not even for wheat,” he says.

The consensus among the experts consulted is that 2025 will be the same or worse than 2024, in which the economy contracted. After five years of serious crisis, Cuban domestic product (GDP) is below 2019 levels.

They do not believe that the measures announced by the Government at the end of 2024, including a deepening of the dollarization of the national economy from the State, will reverse the situation.

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Not without controversy, the Government has begun to charge in currency for customs procedures and higher octane gasoline, among others, in addition to converting part of its retail stores into establishments that sell in dollars.

Bahamonde sees in these decisions a copy of those that were taken in the crisis of the 1990s, and that were then reversed.

“It’s a way to raise money. Is it a long-term measure? No, will it guarantee economic development? No, what about growth? Neither. It is purely revenue, rential,” says the economist, who speaks of “subsistence economy.”

Everleny believes that many coordinated and in-depth reforms against the crisis in Cuba would be needed, something he does not perceive after the two severe adjustment packages approved in the last 15 months.

Bahamonde advocates making foreign trade more flexible, establishing a real foreign exchange market, extending participation to the private sector in domestic trade, renouncing the model of centralized administration, and eliminating Gaesa’s control over the Cuban economy, in general, and tourism, in particular.

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“All solutions are medium and long-term, but people on the street need solutions today. If drastic, quick measures are not taken,… the time horizon of the resolution is moving away,” he warns.

In Everleny’s opinion, “the state needs long-term aid, like the International Monetary Fund,” because the country has already reached the point of “break”.

However, he himself does not see this option as viable because Cuba does not belong to these international organizations and because he believes that the United States would not approve financing lines for Havana.

International

Mexico City Mayor Invites U2 to Perform at Iconic Zócalo Plaza

Irish rock band U2, which spent Tuesday and Wednesday filming a new music video for its song Street of Dreams in the Historic Center of Mexico City, received an invitation to perform at the capital’s iconic Zócalo square from Mayor Clara Brugada.

Brugada shared the invitation through social media posts accompanied by photos and a video showing her meeting with the band members.

“This is an invitation for you to perform in our wonderful public square, the Zócalo. You are welcome here, and we would love to have you,” Brugada said in the video while handing a document to Bono, the band’s lead singer.

Bono responded by saying that the group would like “to begin its new tour in Mexico City.”

Referencing one of the band’s most famous songs, In the Name of Love, Brugada said she was greeting Bono along with The Edge, Adam Clayton and Larry Mullen Jr..

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“Welcoming U2 to our capital means celebrating music, connection and the emotion that can be felt in every corner of this city,” Brugada wrote in one of her messages. “We are a city open to the world, vibrant and full of stories shared from the stage to the streets.”

She also described the Zócalo as “the country’s most important public square” and a cultural landmark for Latin America.

Over the years, the Zócalo has hosted massive concerts by internationally renowned artists and bands including Roger Waters, Paul McCartney, Manu Chao, Café Tacvba, Los Fabulosos Cadillacs, Los Tigres del Norte, La Maldita Vecindad, Silvio Rodríguez, Joan Manuel Serrat, Rosalía and Shakira, drawing hundreds of thousands of fans.

International

Marco Rubio Urges China to Help Restrain Iran Amid Gulf Tensions

Marco Rubio said Wednesday that Washington hopes to persuade China to take a more active role in stopping Iran from escalating tensions in the Persian Gulf, arguing that the crisis directly threatens Asian commercial interests.

“It is in China’s interest to resolve this situation. We hope to convince them to play a more active role in getting Iran to stop what it is doing now and trying to do in the Persian Gulf,” Rubio said during an interview with journalist Sean Hannity on Fox News while traveling aboard Air Force One.

The top U.S. diplomat said the conflict and concerns over the possible disruption of the Strait of Hormuz have already affected China’s interests.

Rubio noted that “a Chinese cargo ship was struck over the weekend,” referring to the exchange of attacks reported last Friday between Iran and the United States.

The remarks come amid growing international concern over rising tensions in the region and the potential impact on global trade routes and energy supplies.

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International

Trump floats Vance-Rubio potential Republican ticket for 2028 election

U.S. President Donald Trump suggested on Monday that Vice President JD Vance and Secretary of State Marco Rubiocould potentially form a Republican presidential ticket for the 2028 elections.

Speaking during a dinner with law enforcement officials as part of National Police Week, Trump publicly praised both officials and said they could make “an ideal team” for the next presidential race.

“Who likes JD Vance? Who likes Marco Rubio?” Trump asked attendees before adding that the pair “sound like a good combination.”

The president highlighted his vice president’s performance in office, stating that their current partnership has been highly effective. “JD is perfect, that has been a perfect formula,” Trump told reporters later.

He further suggested that a Vance-Rubio pairing could represent a strong presidential and vice-presidential ticket, although he stopped short of offering any formal endorsement.

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“I think it sounds like a presidential candidate and a vice-presidential candidate,” he said, while clarifying that his remarks should not be interpreted as an official backing of any future campaign.

So far, neither Vance nor Rubio has publicly confirmed any intention to run in the 2028 presidential election.

Rubio previously sought the Republican nomination in 2016 but withdrew after losing the primary race to Trump. Later, in a December 2025 interview with Vanity Fair, he said he would be among the first to support Vance if he decided to run for the White House.

Vance, meanwhile, has recently dismissed speculation of any political rivalry with Rubio amid growing discussion about potential future GOP leadership.