Can Venezuela Be Saved?

For more than a year now, Venezuelans have borne economic hardships that have spilled out in the form of food riots, long lines at supermarkets and massive street protests. Underlying all those are an overdependence on oil, weak institutions and political uncertainty, leading to calls for a referendum to replace current president Nicolas Maduro. The oil-producing country has been battered by slumping world oil prices and excess supply since 2015, and the outlook isn’t encouraging on that front. Maduro has refused foreign aid, presumably because it accepting it will weaken his political credibility. Political uncertainty with the country’s national assembly has also hindered a much-needed overhaul of Venezuela’s institutions and police forces. More…