Richard Feinberg on Cuba's Dependence on Venezuela
Cuba has much to lose as ally Chavez fights cancer
12/26/2012
Peter Orsi,
The Dallas Morning News (AP)
Cubans who were tuned in to the nightly soap opera on a recent Saturday received a sudden burst of bad news, from the other side of the Caribbean.
State TV cut to the presidential palace in Caracas, Venezuela, where President Hugo Chavez revealed that his cancer had returned. Facing his fourth related surgery in 18 months, he grimly named Vice President Nicolas Maduro as his possible successor.
The news shocked not only Venezuelans but millions of Cubans who have come to depend on Chavez's largesse for everything from subsidized oil to cheap loans. Venezuela supplies about half of Cuba's energy needs, meaning the island's economy would be in for a huge shock and likely recession if a post-Chavez president forced the island to pay full price for oil.
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Richard Feinberg is Professor of International Political Economy at IR/PS. He can comment on U.S. foreign policy matters, notably with regard to Latin America and Asia, and business and economic matters. Feinberg is an authority on U.S. foreign policy, multilateral institutions (IMF, World Bank, NAFTA) and summitry (APEC, Summitry in the Americas, G-8). He is an expert on trade and investment, globalization, democratization and non-governmental organizations.
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