Venezuela’s economic crisis really began after oil prices fell drastically in 2014 and the west used Chavez’s death/Maduro’s election to increase pressure on the country via sanctions which for example made buying parts to maintain oil refineries difficult. Before that, it was doing about as well, or better (of course, failing to become independent from oil exports) compared to the other countries in Latin America.
Argentina was already in a crisis for the last …20 years-ish, but this acceleration of the crisis happened in a week even as Milei backpedaled on some potentially damaging promises like cutting trade with China.
Venezuela’s economic crisis really began after oil prices fell drastically in 2014 and the west used Chavez’s death/Maduro’s election to increase pressure on the country via sanctions which for example made buying parts to maintain oil refineries difficult. Before that, it was doing about as well, or better (of course, failing to become independent from oil exports) compared to the other countries in Latin America.
Argentina was already in a crisis for the last …20 years-ish, but this acceleration of the crisis happened in a week even as Milei backpedaled on some potentially damaging promises like cutting trade with China.