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New wikileak reveals Cuba economic situation “fatal” and “insolvent”.

Cuban President Raul Castro.

Cuba’s economic and financial situation may become “fatal” within two to three years as the Communist island-nation has been slow to respond to the global financial crisis and accumulates foreign debt, a confidential U.S. diplomatic cable said.

The cable, released yesterday by WikiLeaks, cited Italian diplomats as saying that Cuba may “become insolvent as early as 2011.” It was sent in February before President Raul Castro announced plans to cut more than 500,000 state jobs in a bid to reduce inefficiencies.

The cable described a breakfast hosted by the U.S. Interests Section in Havana for diplomats from most of Cuba’s main trading partners, including China, Spain, Canada, Brazil and Italy. France and Japan, among the country’s largest creditors, were also present.

“All diplomats agreed that Cuba could survive this year without substantial policy changes, but…READ MORE HERE