The European Union announced it has set up an “International Contact Group,” including members of the EU as well as four Latin American countries, to help find solutions to the ongoing political crisis in Venezuela. The group, set to meet in Uruguay on Thursday, will pressure Venezuela’s current president to set a date for new elections. Lourdes Casanova, academic director of Cornell University’s Emerging Markets Institute, says that on top of the uncertain political situation, Venezuela’s economic realities also do not leave much room for easy solutions.
