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According to the London-based magazine, the regime has publicly blamed the US commercial embargo for the drop in visitors. As usual.
But in private, senior officials in Havana admit the real reasons have nothing to do with George W Bush.
It seems the problem is that Cuba has one of the lowest rates of return visits in the travel business.
Why? Tour operators say they get many complaints about poor food and indifferent service. Plus the fact that visitors are forced to exchange their foreign cash for Cuba's so-called convertible pesos, which are worthless outside the island.
Worried hoteliers (ie, the Cuban armed forces), are now looking at other ways to bring in business.
One novel idea apparently floated by senior officials close to Raul Castro is to allow those ordinary Cubans lucky enough to have access to hard currency to stay in the fancy hotels that are currently reserved for foreigners. Amazing, I know.
As The Economist puts it, this would not just fill empty beds but "assuage resentment" among many Cubans at the regime's "tourist apartheid”.
How very egalitarian.