This edition of Cuba Economic Review continues our analysis of Cuba’s urgently needed transformation, and turns to a vexing question every reform push must eventually face: where to begin. Pavel Vidal and I dive In Deep to explore what should be prioritized in an initial phase of economic stabilization. By the Numbers quantifies the impact of the mass withdrawal of foreign hotel chains in response to pressure by the Trump administration, an exodus that affects at least 27,500 rooms islandwide. Quick Takes examines a recently proposed ministerial reorganization, the creation of a new institute to manage state assets, the ongoing decline in state employment and manufacturing, the loss of access to Visa and Mastercard payments, and the Cuban peso’s renewed depreciation. Finally, Recommended Readings highlights a Foreign Affairs article by Ricardo Zúñiga on the risks of a strategy based only on pressure and sanctions.