News / Economic Divide

Venezuela's economy victimized by U.S.

Thursday, 14 February 2019 3:51 AM [ Last Update: Friday, 15 February 2019 12:04 AM ]

Venezuela is no doubt facing an economic crisis. Inflation has sky rocketed. Prices have tripled. As a result, ten-percent of the population has emigrated abroad.

The Venezuelan opposition accuses the government of mishandling the economy. It has mobilized street protests, which have in turn triggered violence, riots and looting. The government of Nicolas Maduro however accuse the United States for the economic difficulties, saying Washington has waged an economic war on Latin American country to pursue regime change. Maduro, who opposes U-S foreign policy in the region, says the White house wants to install an ally in a country which has the largest oil reserves in the world.

In a dramatic chain of events, the opposition leader and head of the Venezuelan national assembly, Juan Guaido, launched a direct challenge to Venezuelan authorities by declaring himself acting president. In what appeared to be a coordinated move, the U-S government immediately recognized Guaido as the countrys leader. Washington urged it regional allies and the international community to follow suit.

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