Perhaps. Zimbabwe attempted it with far less gold reserves. Considering there are people here on HIVE who have created metals backed currencies (Ahem, the Welshy...plus others I won't name) it's not impossible - just a question of how much can be in circulation and how far reaching throughout the economy it would be.

Their country is broke, so it's not going to be like flicking a switch to fix it. But they could take steps in the right direction. Any rebuild there is going to be hard, long and painful.