First, the Multi-Fibre Agreement of international textile quotas expired at the beginning of the year, exposing the industry to the full force of cheaper labour competition from Asian countries such as China.
Second, the industry continued to suffer a long-running secular trend. To maintain the business of US fashion manufacturers,
Tobacco, in the form of premium hand-rolled cigars with an aroma certain to mellow any mood, and cocoa beans processed into velvety chocolate guaranteed to liberate endorphins galore, are giving the Dominican Republic a new reputation.
Amid gently swaying royal palms and green rolling hills 80km northwest of Santo Domingo,
“We sometimes pay the bill, but then they usually end up charging us for electricity we’ve not used, so then we go on strike,” says Ms Miranda, a scrum of three children lurking round her feet waiting for supper.
At the other end of the social spectrum, in Santo Domingo’s
Eleven years later, he is still eking out a living on the same batey, or labour encampment, where he arrived, with no money, nine fingers, and a foot-long vertical gash on his chest that has been sewn up like a mailbag.
“Can you help me get a cédula?” he asks,
“Confidence in the daily operations of the bank survived because of the way the business elite has covered the deficit with their own resources,” President Fernández told the FT.
Even so Banco del Progreso’s difficulties have been an uncomfortable reminder of the crisis in 2003 at Baninter, then the country’s
Back then, his main claim to fame had been his role as right-hand man to a former Marxist president, Juan Bosch. In the early 1970s he had helped Mr Bosch form the left-wing pro-Cuban Dominican Liberation Party, the principal aim of which was to campaign against US influence in