Anatomy of a crisis
The opposition scored a stunning landslide victory in 2015 legislative elections amid growing frustration with Maduro’s handling of the economy. Opposition leaders vowed to seek his ouster through constitutional means, but the government-stacked Supreme Court stopped them at every turn. The protests began three weeks ago after the Supreme Court issued a decision stripping the opposition-controlled congress of its powers. The attempt to take over congress unleashed longsimmering
anger on the streets amid an economic crisis that has a majority of Venezuelans skipping meals and even losing weight.
WHAT’S AT STAKE?
The big fear is a repeat of the riots and looting that rocked Caracas in 1989, leaving around 300 people dead. Another wave of anti-government unrest in 2014 resulted in more than 40 deaths and dozens of arrests. Venezuela has Police forces confront Venezuelan opposition activists demonstrating ■ against President Nicolas Maduro in Caracas on April 24. one of the world’s highest homicide rates and the huge number of firearms circulating on the streets is a major concern.
STATE OF THE ECONOMY
The economy is forecast to sink 8 per cent this year and the International Monetary Fund forecasts inflation will soar to four digits next year. Foreign currency reserves have tumbled. Oil accounts for 96 per cent of Venezuela’s export earnings and the plunge in world oil prices hit the government hard. The Venezuelan government has already seized many assets of foreign corporations, with General Motors being the latest victim.
MADURO’S OPTIONS
Polls say 75 per cent of Venezuelans want Maduro gone, but about 20 per cent support him. That’s actually a higher percentage of support than currently received by leaders in Brazil, Chile and Colombia. But the opposition is now more united than it has been in recent years.
THE MILITARY’S ROLE
Venezuela’s military historically has been the arbiter of political disputes and some in the opposition are trying to spur its leaders into action to resolve the current impasse.
Venezuela is in the midst of a violent protest movement that has resulted in several deaths this month as the country’s deeply unpopular socialist administration struggles to stay in power and a newly energised opposition calls for an immediate presidential election.