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Market Update

U.S. to End Five-decade Old Cuba Isolation


Author: Nichole Harper
ticker.com
Last Update: 2:19 PM ET December 17 2014

President Barack Obama at a White House briefing this afternoon announced the end of diplomatic isolation of Cuba in place since 1961.

Cuba has been seeking for economic help as long time patrons Russia and Venezuela are facing economic crisis brought on by the plummeting oil prices.

The deal between the two nations was sealed after an extra-ordinary 45-minute telephone call between President Obama and Cuban leader Raul Castro.

The agreement between the two estranged nations have been in the making for more than a year after Canada and Vatican played key roles and served as a meeting place for delegations of two countries.

The U.S. eased travel restrictions and raised the limit to relatives to $8,000 from $2,000 annually and also permitted the use of credit and debit cards in the island nation.

U.S. officials also said that the government plans to open an embassy in Cuba for the first time in more than five decades and normalize trade relations with the island nation.

Cuba has 11.3 million inhabitants, according to the data available on the web site of World Bank.

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