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Article: CUBA BRACES FOR MORE AUSTERITY TO FACE GLOBAL RECESSION
- Article from:
- The Hindustan Times
- Article date:
- December 29, 2008
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Report from Indo-Asian News Service brought to you by HT Syndication.
Havana, Dec. 29 -- (IANS) Cuba, reeling under three devastating hurricanes in recent months and a 50-year old US embargo, is bracing for more austerity measures in the wake of the global economic recession.
"We must act realistically and adjust all the dreams to the real possibilities," EFE news agency Monday quoted President Raul Castro as telling parliament during a special session on the state of the country's economy.
"The nation needs to increase production, adjust spending and optimise international trade relations," the president told the National Assembly Saturday.
Castro emphasised that the state-controlled firms ...