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Fidel Castro, whose dictatorship outlasted the nine U.S. presidents who tried to oust him, resigned today as Cuba's president. The frail, 81-year-old despot is being succeeded by his younger brother Raul, 76, potentially leading to the end of the decades-old embargo against the Communist country.
Though replacing one Castro with another one is hardly revolutionary, this could be a significant development. U.S. businesses have been frothing at the mouth for years at the idea of entering Cuba, the largest country in the Caribbean, with a population of more than 11 million. The island, which is about the size of Pennsylvania, has natural resources including petroleum, nickel and iron ore, according to the CIA's World Factbook.
Though Deputy Secretary of State John Negroponte told reporters that he doesn't expect the embargo to be lifted anytime soon, that position may not hold over the long-term because the Cuban market is too large for U.S. companies to ignore. You can bet that the Europeans and Canadians would love to expand their foothold in Cuba if America drags its feet.
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