The article is blaming all their problems on the price of oil dropping. Sheesh.
Yep, this is not one of those instances you can use Occam’s Razor to ascribe causation. A county’s economy is a complex beast with many variables working in conjunction. If it were not, we in the U.S would have been able to avoid our own economic problems. I would submit to every person using ‘oil price drop’ as the reason for Venezuela’s woes to explain why other OPEC and non-OPEC countries with oil based economies have not suffered the same ills as Venezuela? I would add, the only element that can influence, and dare I say control, many of the variables influencing a country’s economy are the government’s policies. In Venezuela’s case, these policies have been of the socialist bent for approximately 20 years. Look no further than that fact to explain why Venezuela is where it is today.
Regards.