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Venezuela’s economic collapse is often portrayed as exceptional. In scale, it is. In substance, it follows a familiar pattern seen in sovereign crises worldwide: when debt becomes unpayable, institutions erode, and the monetary anchor collapses, recovery requires more than orthodox adjustment. It requires redesign. With external liabilities estimated at more than 180 percent of GDP, Venezuela’s debt is no longer a financing challenge. It is a structural constraint—one that no

The year 2025 was characterized by macroeconomic normalization, accompanied by unusually high dispersion across asset classes and regions. Global growth decelerated moderately without entering recessionary territory, while disinflation progressed unevenly across economies. According to the International Monetary Fund (IMF), global growth was estimated at approximately 3.2% in 2025 and 3.1% in 2026, reinforcing a soft-landing scenario as the base case. For the Latin American i

Recent communications from the United States government regarding a potential comprehensive energy agreement between the United States and Venezuela represent one of the most significant policy shifts in the Western Hemisphere in decades. While the United States possesses the economic, political, and technical capacity to promote a framework of this nature, such capacity alone does not guarantee its success. Historical experience demonstrates that any sustainable reconstructi

In September 2017, in an article published by El Impulso, I warned that Venezuela’s economic crisis could only be halted through a serious process of dollarization, accompanied by fiscal discipline, structural reforms, and institutional reconstruction. Today, that warning has materialized. Venezuela is experiencing de facto dollarization. The current debate is no longer whether it will occur, but how it should be implemented correctly so that it becomes a solution rather than