Michelle J. Price. Elian GonzalesRefugees escaping Cuba.

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Presentation transcript:

Michelle J. Price

Elian GonzalesRefugees escaping Cuba

Street Musicians

Convertible Peso Traditional Peso US Dollar Euro

Government Owned Havana, Cuba Prints both traditional and convertible pesos Reorganized May

Diplotiendas/Dollar Stores Black Market

Dictator for over 40 yearsMinister of Industry

US imposes trade embargo: Cuba’s quest to support their own economy begins. Cuban gov’t nationalized agriculture and industry and expropriated US businesses w/o compensation Convertible peso introduced Guevara leaves Cuba. Economy, on verge of collapse, returned to sugar industry Soviet Union stops trading with Cuba US dollar legalized

Effective 27/10/2004 British Pound GBP Canadian Dollar CAD Swiss Franc CHF Yapanese Yen JPY USA Dollar USD Mexican Peso MXP Danish Krone DKK Norway Krone NOK Euro EUR Australian Dollar AUD “Convertible” CUC Cuban Peso Can “trade in” convertible pesos for dollars, etc. Could save/invest convertible pesos 10% Tax on dollar purchases Giving value to the convertible peso

Strengthening the convertible peso or weakening the economy? November 8, 2004