I think it's great that this is being publicized and getting attention. It took many economic mis-steps to bring such a country to it knees (printing money, restricting prices with price ceilings, import taxes, etc), I kinda wish they would focus on all the economic errors they've made, so the rest of the world can learn from those mistakes.
The main error was to be the economy on heavily exporting oil, only for the oil price to tank (Thanks, Saudis).
While being able to heavily export oil, they could heavily import stuff that could help the poorest of the population.
But when the oil price dropped, they were loath to cut back on the support systems. Thus a massive trade deficit developed, and the exchange rate tanked.
While the reasons are different, it is the same "death spiral" as one could witness in Germany between the wars, or in Zimbabwe.
reply