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Venezuela once rivalled Switzerland in wealth, today it’s produced more refugees than Syria. What happened? We go straight to Buenos Aires to talk to leading Latin American analyst Juan Gabriel Tokatlian about how a petrostate collapsed without a war, why US policy is pushing the region to the edge, and what might really be behind American naval deployments off the Venezuelan coast. Is regime change in the air? And if Venezuela falls, is Cuba next? Latin America may be Washington’s backyard, but it’s about to become the world’s front line.

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