Nearly 90% of Venezuelans now live in poverty. Inflation is projected to hit 10-million percent next year according to the International Monetary Fund (IMF); citizens already use literal wheelbarrows of money to purchase staples such bread and milk — when they’re lucky enough to find them on store shelves. Since 2015, more than 3-million people have fled the country. The world has watched with growing dismay as Venezuela — an economy once buoyed by the world’s largest proven oil reserves — has descended from prosperous nation to humanitarian catastrophe in less than a decade. And yet, for the first time since President Nicolás Maduro came to power in 2013, the political situation in Venezuela appears finally to have begun to shift. This alone would be cause for celebration, but we are also witnessing something fortuitous and unexpected. It goes well beyond people lashing out against horrendous living conditions or revolting against a repressive regime. That storyline has played out ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now