Inflation soared to 152% in 2021 and the exchange rate on the streets is now 200 pesos to the dollar. The government increased state salaries fivefold, but that's not kept up with inflation. People hope that Raoul Castro, who took over from Fidel, his brother, would reform the country. But things are getting so bad that they may have to just give more and more space.
Paroxysms in the market for gilts—British-government bonds that were once safe-haven assets—reveal just how wounded the new government’s plans have left it. Cuba is experiencing the worst economic crisis in decades, and those who are not protesting are heading for the door. And making the case to let your lawn go wild.
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