Venezuela’s crisis is entirely of its own making
Mark Littlewood writes for the Times Business
Kate Andrews writes for City AM
Kristian Niemietz writes for CapX
Venezuela’s economic crisis started years before those very minor sanctions were even discussed. The economy already contracted in 2009 and 2010, which prompted then-president Hugo Chavez to declare an “economic war” against the “fatherland-less bourgeoisie”, who he accused of “destabilising” the country. The Venezuelan economy then briefly seemed to bounce back again, but fell off a cliff in 2013-14, and has been in freefall ever since. By the time the US sanctions were brought in, it had already shrunk by a third.
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