What's Happening in Venezuela?

Thursday morning in Caracas dawned much like any other day in the slow decline of Venezuela’s Bolivarian revolution: sparsely stocked shops were open, commuters boarded decaying metro trains and clapped-out buses to get to work.

Schools were half-empty, buses were harder to find, but apart from that, the capital was mostly calm, and there was little indication of the previous day’s extraordinary events – or that two men now claim to be the country’s rightful ruler.

To roars of approval from thousands of supporters – and the enthusiastic support of the Trump administration – Juan Guaidó, the former head of the national assembly, declared himself interim president on Wednesday.

It was the most brazen challenge so far to the government of Nicolás Maduro who immediately dismissed the move as a coup attempt orchestrated by an alliance of the “fascist right” and “the coup-mongering, interventionist gringo empire”.

News Headlines

Which Country has the largest oil reserves in the world ?

Ans : Venezuela, The proven oil reserves in Venezuela are recognized as the largest in the world, totalling 297 billion barrels

What is the rate of inflation in Venezuela ?

Ans : 1000,000% in 2018 ( IMF)

How much does a cup of coffee cost in Venezuela today ?

Ans : Today, as the nation's hyperinflation continues to skyrocket, a cafe con leche costs 1 million bolivars — or a mere 29 U.S. cents!

How many people have fled venezuela , since the crisis began ?

Ans : About 2 million people have fled the country since , 2015 , creating a huge migration crisis in neighbouring countries.

What type of leader does Venezuela currently have ?

Ans : Currently , the country is led by an authoritarian , despotic , dictator , Nicholas Maduro . Massive protests are currently underway . Maduro was re-elected in May 2018, many eligible voters boycotted the vote. The country's electoral board placed turnout at a lackluster 46%. That was far below the 80% rate in 2013, when Maduro rose to power after the death of the popular Chavez.

The United States said it would not recognize the election results. And even before the polls opened, the European Union and several of Venezuela's Latin American neighbors were warning of an unfair election.

Who has declared himself to be President , in the ongoing crisis ?

Ans : The opposition leader, 35 year old Guaido . The US Governmnet has shown support for Guaido .

Which countries support Maduro ?

Ans : Russia and China

Finally ?

What is the Resource Curse ?

The “ resource curse or the Dutch Disease explains why countries that are richer in natural resources are poorer , have less economic growth and are less democratic .

Its a paradox of economics - surely the countries and societies with the most valuable resources should be rich, not poor? What's going wrong?

Is Socialism the culprit?

Ans : It’s definitely a battle ground where Capitalist and Socialist (for a lack of better word) ideologies are pitted against each other .

What’s likely to happen?

Ans : The important things will happen behind closed doors. The Superpowers of the world will decide the fate of Venezuelans.

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