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Venezuela Will Get Worse Before It Gets Better

Maduro+announces+a+cessation+of+relations+with+the+US
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Venezuela Will Get Worse Before It Gets Better

Maduro announces a cessation of relations with the US

Maduro announces a cessation of relations with the US

Maduro announces a cessation of relations with the US

Maduro announces a cessation of relations with the US

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Venezuela was the wealthiest nation in South America. Now, the Bolivar, their currency, is close to worthless, and thousands are marching in the streets and clashing with police. What happened?

Current- or former, depending on whether you recognize his claim- president Nicolas Maduro became president in 2013, and immediately began reshaping the government to his pleasing. He began to consolidate power in the executive branch, clamp down on any dissent, and win over the military through promising bonuses. The National Assembly, Venezuela’s legislature, was controlled by Maduro’s opposing party Voluntad Popular, so he created a second house called the Constituent Assembly and asked them to rewrite the constitution.

Throughout Maduro’s years in office, the country’s government has been plagued by corruption on all levels, which has quickly degraded the quality of life for the average Venezuelan. The bolivar is worth a miniscule percentage of the US dollar, store shelves and pharmacies are nearly empty. Constant minimum wage increases have led to hyperinflation at levels comparable to early 20th century Germany, to the point where a cup of coffee now costs 400 bolivars, with an inflation rate of over 1,000,000%.

In May of 2018, Maduro was re-elected for another six-year term, although accusations of illegal and unethical tactics such as vote rigging were reported, and multiple Latin American nations along with the US and Canada refused to recognize him as the legitimate president. As of right now Juan Guaido, the president of the National Assembly, has declared himself interim president of the country, stating plans to hold fair elections, which the new constitution gives him the right to do. Many European countries along with the US and Canada recognize him as the president, while Russia and Mexico, among others, still side with Maduro. Could this be shaping up into an international conflict?

Venezuela Will Get Worse Before It Gets Better