As the June 23 Brexit referendum demonstrates, governments can take irreversible, momentous, and damaging actions without anticipating the consequences. While reason suggests Venezuela should adjust its fiscal policies, ensure basic human needs, avoid sovereign default, and continue oil production for cash flow, it could easily fail to do all of the above. The ripples of a Venezuelan collapse could stretch from Caracas to Miami. The international community needs to put contingency plans in place to limit the potential damage.
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