The governor of Lara asked that the government address the situation in Venezuela, while experts discussed the chances of an economic recovery. ... Play Video
Henri Falcón, Governor of Lara
Victor Sierra, Chairman, Torino Capital (moderator)
Francisco Rodríguez, Economist, Coauthor of Venezuela before Chávez
Orlando Ochoa, Economist and Professor, Universidad Católica Andrés Bello, Caracas
Francisco Toro, Founder and Executive Editor, Caracas Chronicles (moderator)
Venezuela's federal government owes a response to its people, said Governor of Lara Henri Falcón at an AS/COA Venezuela Working Group event in New York. The governor asked for more dialogue to bring solutions to the country's medicine and food shortages, after which a panel of economists discussed how to bring the economy back. Francisco Rodríguez said international markets will be lending Venezuela money in the future and oil revenues will help the economy recover.
Experts discussed what it will take to pull Venezuela out of its economic hole and political stalemate. ... Play Video
Alejandro Grisanti, Economist and former Venezuela Analyst at Barclays
Armando Briquet, Political Consultant and former Campaign Manager for Henrique Capriles' presidential bid
Francisco Monaldi, Fellow in Latin American Energy Policy at the Baker Institute, Rice University
Luz Mely Reyes, Journalist and Founder of Efecto Cocuyo (moderator)
While other oil economies learned from the 1970s crisis, Venezuela didn't and faces an unparalleled economic crisis today that includes catastrophic inflation and a brutal drop in real wages. Economic recovery is possible but will be costly, though less so if groups such as the International Monetary Fund are allowed to step in. Politcally, the opposition has been able to unify and address issues with the other branches of power, said panelists, but democratic progress is slow and will take time.