US citizen Alan Gross was freed by Cuba today at US request on ‘humanitarian grounds’ and is on rout to the United States but something larger might be in the works.
Cuba says President Raul Castro will make an important announcement at noon ET regarding US relations. The White House reveals that Barack Obama will make a statement at the same time.
CNN reports that the release of Gross paves the way for a ‘major overhaul’ of US policy towards Cuba.
There are also reports that Cuba freed a US intelligence source and that the US released three Cuban intelligence agents.
This could turn into a historic day. Money will absolutely flood into Cuba if the embargo ends.
For more we look at What’s the trade if the Cuban embargo ends?
Some quick facts:
- Cuba is the largest island in the Caribbean
- Population est: 11 million
- GDP: $72.3 billion
- Distance from Havana to Miami: 366 km
- Agricultural products: sugar, tobacco, citrus, coffee, rice, potatoes, beans; livestock
- Industries: petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar
- Currency: Cuban peso CUP (not free floating)
Also note that the Dow Jones is reporting:
The U.S. plans to lift many of its existing travel and money-transfer restrictions affecting Cuba
…
Under the deal, Cuba will free 53 political prisoners, the official said, and the U.S. will review Cuba’s status on the U.S.’s terrorism list.
U.S. debit and credit cards will be allowed in Cuba, the official said, and the U.S. will allow the export of telecommunications equipment to Cuba, while Cuba agreed to greatly expand its citizens’ access to the Internet.
