Business Standard

Wednesday, December 25, 2024 | 02:12 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

What's behind Venezuela's economic and political turmoil?

Even as Opposition seeks to drive him out of office, Venezuelan President Nicolas Maduro is threatening to jail opponents

Venezuelan President Nicolas Maduro (Photo: Wikipedia)

Venezuelan President Nicolas Maduro (Photo: Wikipedia)

BS Web Team New Delhi
‘I fear nobody and nothing!’ Venezuela's President Nicolas Maduro has said at a time when his country is on the brink of a civil war. Clashes between supporters of the Maduro government and Opposition have turned violent.

Maduro threatened on Friday to jail his political opponents if they followed through on their vow of launching a legislative trial to remove him from power.

"If they launch a supposed political trial, which is not in our constitution, the state prosecution service must bring legal action in the courts and put in jail anyone who violates the constitution, even if they are members of Congress," Maduro said in a public speech.
 
Venezuela is suffering the worst economic crisis ever. Ordinary people in the oil-rich country regularly go without food. And, the Maduro-led Venezuelan government has already declared a state of emergency in the country. This deep economic turmoil has spiralled into a human crisis in Venezuela.

According to International Monetary Fund (IMF) predictions, Venezuela's inflation rate, already the world's highest, is expected to rise to a staggering 1,660% next year.

President Maduro accused the Opposition-majority legislature of staging a 'parliamentary coup' after lawmakers voted to put him on trial amid a tense political and economic crisis. But the socialist leader has vowed to outflank his opponents in their bid to drive him out of power.

The leader is resisting a growing pressure from the Opposition, which blames him for the South American oil-rich country's plunge into an economic chaos. Opposition is calling for Maduro's removal from office and fresh elections. It has also been arguing that only a change in leadership can pull Venezuela from the brink.

It says the government's mismanagement and its socialist policies have led to a spiralling inflation rate, food shortages, lack of medical supplies, and power cuts that Venezuelans have to endure.

On the other hand, the Maduro government has blamed the crisis on the US and right-wing business owners, whom it accuses of cutting production to sabotage the economy.

Maduro, who succeeded strongman Hugo Chavez, is seen as lacking his predecessor’s force of character and charisma. Recently, Venezuela’s Electoral Council, a body whose members are appointed by Maduro, moved to halt the signature gathering process the country’s political Opposition was using to try and initiate a recall vote to remove Maduro from office. Opposition leaders have on November 3 organised a mass protest in front of the Presidential residence.

The next presidential election is due at the end of 2018 and most Venezuelans assume another candidate will emerge from within "Chavismo", instead of Maduro. But, given the events of recent days, the supporters of Opposition parties are beginning to wonder if that election will even take place to begin with.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 29 2016 | 6:30 AM IST

Explore News