Venezuela’s political crisis keeps unfolding. Venezuela a country which has the highest oil reserves in the world was once the richest country in Latin America, but all went sour in 2015 after oil prices came crashing down.
In recent years, millions of people have fled the country as it deals with hyperinflationand shortages of basics like food and medicine. A lot of people blame the socialist administration of Nicolás Maduro and have called his last year’s election a sham.
Inflation occurring at a very high rate. Currently $1 = N361, if it changes rapidly to $1 = N3,610, that’s hyperinflation.
Uhun, Tell me more
Sure. In January, President of the National Assembly of Venezuela Juan Guaidó invoked the country’s constitution to declare himself interim president until new elections happen. Maduro has refused to step down – and countries like Russia, Bolivia, and Cuba are backing him. While 54 countries including the US and dozens of others – including most Latin American countries – are backing Guaidó.
What’s the latest?
The US suspended all flights to Venezuela indefinitely due to security reasons. While protests continue, Nicolas Maduro appears to have the support of the military, while Guaido has the backing of people who are clear on what they want.