2019 has only just began and the World has turned its eyes to Venezuela.
Tensions have escalated after tens of thousands protesters streamed on to the street of Caracas to what has been described as the final push to force Nicolas Maduro from power.
The once stable South American country is stuck in a downward spiral of inflation, general shortages and political discontent, with many Venezuelans placing blame for the crisis directly at Maduro’s government.
Tensions rose in the Latin America country when many of Venezuela’s neighbours did not recognize the re-election of Nicolas Maduro, for another 6 years mandate. Instead, Maduro’s opposition leader, Juan Guaido, is recognised as the legitimate president by many South American nations, including: Argentina, Brazil, Chile, Peru and Columbia. The USA has publicly recognized Guaido as the country’s legitimate President.
To intensify its support, The USA has implemented sanctions preventing state oil company, PDVSA, from taking profits on crude exports to American refineries, cutting off the main source of Venezuelan government revenue, placing Maduro under pressure to step aside in favour of Guaido’s leadership.
Australia, the UK and European Union support Guaido, while Russia and China have demonstrated their support to Nicolas Maduro or focus on stability and social order, demonstrating their deep financial ties to Venezuela. Both Nations are against a potential American intervention and praise a Venezuelan response from political crisis.
How Venezuela’s political crisis unfolded?
March 2013 - Vice president Nicolas Maduro took office after Hugo Chavez died of cancer
February 2014 – Venezuelan forces arrest opposition leader Leopoldo Lopez on charges which led to a wave of protests against the government
December 2015 – Oil prices collapsed, there was prolonged recession and rising inflation
July 2017 – Venezuela calls a referendum which is a process usually held for rewriting the constitution, leading to accusations that Maduro is undermining democracy
May 2018 – Maduro gets re-elected with allegations of vote-buying by the government. United States and Lima group do not recognize the results
January 2019 – Maduro initiates his second six-year term, ignoring the advice of several Latin American governments. Unknown opposition lawmaker, Juan Guaido, swears himself in as interim president. Getting recognised by the United States and many of Venezuela’s neighbours
February 2019 – General Francisco Yanez calls on armed forces to rebel against Maduro and his government. Nicolas Maduro refuses humanitarian help coming from Columbia and Brazil, closing both boarders with armed militia.
Author: Yuri Maia is a Geopolitical Analyst at Informed Australia
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