It Could be Too Late to Avoid Catastrophe in Venezuela. Ricardo Hausmann, February 3, 2016, Opinion. “As markets brace themselves for the negative effects of the decline in oil prices, Venezuela will probably be the first big domino to fall. Domestically, the most likely scenario is an imminent economic collapse and a humanitarian crisis. Internationally, it will imply the largest and messiest emerging market sovereign default since the Argentine crisis of 2001. The situation is made worse by the inability of the political system, at present, to address the situation.Link