Was Maduro's cabinet change a missed opportunity for Venezuela?

President Nicolás Maduro’s [cabinet] shakeup announced a week ago was, of course, anti-climatic. There were no major announcements of measures that might address the dramatic distortions in the Venezuelan economy. What changes were announced seemed to muddy the waters for reform. In the hours after the announcements, analysts warned that the lack of relevant moves was negative for the economy and for international perceptions. Luis Vicente León said, “Nothing was announced to tackle the causes of the crisis. So for now the crisis can only worsen.” Indeed international markets left no doubt about their view of the changes: In the following days, bonds fell and country risk increased, meaning Venezuela will have to pay more for credit on the international market. More…