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Saturday, November 12th 2011


Cuba legalizes sale of private property

Cuba's government has given its citizens the right to buy and sell their homes for the first time since the 1959 revolution.

The long-awaited reform, published in the government's Official Gazette, is one one of the most substantial reforms introduced by Raul Castro, Cuba's president, to liberalize the island's Soviet-style command economy while maintaining the communist system..

Phil Peters, a Cuba expert at the Lexington Institute in Arlington, Virginia, said the move could have broad ramifications for the Cuban economy, where the cash-strapped government is encouraging the growth of self-employment as it attempts to cut a million jobs from its bloated payrolls.

"The ability to sell houses means instant capital formation for Cuban families. It becomes a source of capital at the grassroots level," Peters said. "It is a big sign of the government letting go."

Al Jazeera's Jesse Mesner-Hage reports.

Source: Al Jazeera - http://youtu.be/ZJSlZLFqss8

Smarthome, Inc.
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