Eric Farnsworth on CNN About Venezuela's Economic Situation

Eric Farnsworth, vice president at AS/COA, was interviewed by Isabel Rosales on CNN about Venezuela's prolonged economic crisis, which has translated in high inflation rates over the years and a mass exodus.

The expert started the interview by giving an overview of what has happened to the country's economic situation under the governments of Hugo Chávez and Nicolás Maduro.

The country has "just been incredibly mismanaged by first Hugo Chávez and now Nicolás Maduro for years and years. They have taken over the private sector. Gross corruption has stolen billions of dollars of proceeds from oil and other minerals and mined products that should be the property of the people. And the economy has just really been run essentially as a private plaything of the government in power," he explained.

In regards to the possibility of an improvement of these conditions in the country, Farnsworth said this is unlikely to change in the near future, "particularly with the same leaders in place who have now doubled down on the process that they're looking to continue."

Rosales asked the expert if he thinks international sanctions work against the Maduro regime, Farnsworth argues it depends on the context. International cooperation, he pointed out, could be the path forward.

"The real sanctions are clearly sectoral, and that's clearly on the energy side. And I think the Trump administration will have to decide what it does on that aspect. But there is also a real opportunity here to work with other countries—for example, Canada, Argentina, countries in Europe—who can work together on the sanctions regime so that it's not just one country put in sanctions or that the sanctions are disjointed, but rather that they're much more coordinated," said Farnsworth.

Watch the full interview.