Question

By early 2016, Venezuela’s economy appeared to be on the brink of total collapse. What do you think needs to be done to reverse this?

Answer 1

While there doesn't seem to be a quick fix to the multidimensional crisis of Venezuela, these are few points I think could bring out a change in the current situation. Debt Restructuring and Effective fiscal management is the need of the hour for the cash strapped Venezuelan government. A cut down on social services expenditure which plunged the crisis, resolving the political crisis by resolving economic crisis, moving towards a sustainable economy where communities produce what they need locally, elimination of Venezuela’s byzantine currency system which is a key source of corruption and shortages and allowing the currency to float, set up a food-stamp-type system under which people are protected from price increases