With Prof Hanke you know the answer is always going to be dollarisation or currency boards.
So here it is. Prof Hanke says Ecuador which adopted dollarisation before its Socialist President helped save the country:
With the arrival of President Hugo Chávez in 1999, Venezuela embraced Chavismo, a form of Andean socialism. In 2013, Chávez met the Grim Reaper and Nicolás Maduro assumed Chávez’s mantle.
Chavismo has not been confined to Venezuela, however. A form of it has been adopted by Rafael Correa – a leftist economist who became president of a dollarized Ecuador in 2007.
Even though the broad outlines of their economic models are the same, the performance of Venezuela and Ecuador are in stark contrast with one another.
Wow..Looks too good to be true..