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Two Swiss Banks End Cuba Dealings

By Mark M Drewe     Nov 13, 2006 in Business
Two banks end their financial dealings with Cuba after policy issues.
Two Swiss banks have withdrew their financial dealings with Cuba after they changed their company policies.
"The policy, which was instituted in 2005, concerns a number of sensitive countries, including North Korea, Iran, Cuba and Sudan," a spokesman for UBS said."
I can understand not having financial deals with N. Korea, Iran, and Sudan (to a point), but Cuba? This screams "Cold-war hangups" to the extreme. It's not a far stretch to see that Cuba posed a major threat to the US back in the 60's and 70's, but ever since the Cold War ended in 89 Cuba's basically been a completely impoverished country that doesn't have a hope of posing any kind of significant threat to US or capitalist ventures. So why does the States continue to impose such economy-crushing sanctions on the country, taking away jobs (honestly, having a bank there wouldn't exactly create a huge problem, threat-wise, except for giving the Cubans a slim hope at more jobs), and guaranteeing that yet another generation pays for actions took 40-50 years ago. It doesn't seem fair.
Not that the states should just roll over their sanctions completely, but when they're causing Swiss banks to reconfigure their policies to ensure that jobs don't go to an impoverished nation, you would think they'd start to loosen up those sanctions sometime soon. It's not like Cuba is going to turn around and crush the states anytime soon.
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