Miami Herald: Venezuela nearing total “collapse”
* A top International Monetary Fund economist says Venezuela could reach “total economic collapse” in 12-18 months
* Judging from similar cases in Latin America, it’s hard to see how President Nicolas Maduro can finish his term in 2019
* Democracies in the region should collectively press Maduro to respect democratic rules, and avoid a military coup.
A recent International Monetary Fund report that Venezuela will reach a 720 percent inflation rate this year — the highest in the world — has drawn a lot of media attention, but what I heard from a senior IMF economist this week was even more dramatic.
Robert K. Rennhack, deputy director of the IMF’s Western Hemisphere department, told me in an interview that Venezuela is on a path to hyperinflation — the stage where the economy reaches total chaos — and could reach a “total collapse of the economic system” in 12 to 18 months if there are no changes in economic policies.
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Update: We ignore Venezuela’s imminent implosion at our peril (Jackson Diehl, Washington Post)
WNU Editor: The opposition is getting the signatures that they need for a presidential recall/election .... Venezuela opposition submits 1.85 million signatures in recall effort (Reuters).
1 comment:
I feel compelled to say something here, If I was where Obama is today I would have a plan to offer this country help instead of just sit back and watch it happen. This would be a good chance to turn this whole thing around into a positive situation... Or what I'm trying to say is this is a good chance for someone to come in and help them.
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