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Economy & Business - June 2011 (ISSN 1741-7430)

CUBA: Cuba moves on competition and rule of law

On 9 June the Cuban authorities announced the conviction of a deputy minister and 10 other senior officials for corruption. Taken with another development this week, the verdicts demonstrate that President Raúl Castro is prepared to let reform have its head. The other major development was Castro's apparent instigation of a competition between China and Venezuela over the expansion of the country's key Cienfuegos oil refinery: this move suggests that Cuban officials will have to make decisions based on the evaluation of competing proposals and a judgment of execution-risk. This will be novel for a politically-driven economic system.

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