Premier Fidel Castro's answer to the United States embargo on exports to Cuba was to nationalize 167 American owned firms - Oct 25 - with an estimated total value of GBP70-million.
Premier Fidel Castro's answer to the United States embargo on exports to Cuba was to nationalize 167 American owned firms - Oct 25 - with an estimated total value of GBP70-million. The Cuban Government's action means that almost every American business enterprise on the island is now controlled by Cuba. The island's two main industries, sugar and tobacco, have been claimed by the state. American banks and oil refineries are among the 549 firms nationalized in the past weeks.
This latest measure against the United States coincided with a speech by President Dorticos containing a warning against threatened "invasions sponsored by North American imperialism". President Dorticos said the Government was confident it cold defeat any invasion force, but warned Cubans to keep alert and have their riffles ready.
Signed by both the President and Dr. Castro the nationalization measure provided for armed militiamen to be posted outside the buildings included in the take-over. The Cuban flag was flown from the rooftops as Cuban workers form the companies concerned moved into the offices. American managers trying to get to their offices were told to keep away as the premises were no Cuban property.