Will Venezuela need a massive relief effort?

Editor's note: Scenes from oil-rich Venezuela show a country descending into chaos: desperate people looting stores and food trucks, political unrest, rising crime and hyperinflation. Political scientist Damarys Canache is a native of Venezuela who studies the country's politics and has conducted public opinion research there. She spoke with News Bureau social sciences editor Craig Chamberlain about the country's recent past and future. So how did Venezuela get to this point? The reality for the majority of the population today is a far cry from the modern, wealthy and democratic society that Venezuela appeared to be only a few decades ago. As a petro-state whose economy is highly dependent on oil - accounting for 96 percent of exports - Venezuela has been hit hard by the rapid decline in the price of oil since mid-2014. However, mishandling of the economy by President Maduro has exacerbated the crisis. The Venezuelan economy is projected to decline 8 percent in 2016 and year-end inflation is projected to reach 720 percent.