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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