Obama: It's Time For a New U.S. Approach To Cuba

MarketWatch Pulse

President Barack Obama said Wednesday "it's time for a new approach to Cuba," and that isolating the country through sanctions "has not worked." Speaking at the White House, Obama detailed steps to begin normalizing relations with Cuba, including establishing a U.S. embassy in Havana and lifting many restrictions on travel and money transfers. Obama said he spoke personally with Cuban leader Raul Castro to finalize the release of U.S. contractor Alan Gross, which was announced at the same time as the U.S. policy shift.

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