Cuba Banking System Collapse. The economic crisis in cuba is prompting an exodus by thousands, but also giving rise to a greater free market enterprise to begin taking hold on the communist island. Cubans had been unable to deposit dollars in cash into their accounts at banks and other financial institutions for almost two years.
Already grappling with persistent blackouts and food scarcities, they now face the daily hurdle of acquiring. Omar everleny pérez, a cuban economist and university professor, says the main culprits are the government’s growing fiscal deficit, the nonexistence of banknotes.