Citibank plans to close the account Venezuela uses to make international payments, President Nicolas Maduro said on Monday, accusing the US-based bank of a &quot;financial blockade&quot;. 
 
&quot;Citibank, with no warning or communication, says that it is going to close the Central Bank and Bank Of Venezuela account. That is what you call a financial blockade,&quot; the embattled president said in televised remarks. 
 
He said the move amounted to an &quot;inquisition&quot; by US President Barack Obama&#39;s administration.&nbsp;Maduro said his South American nation, a major oil producer, uses the account to make payments &quot;within 24 hours, to other accounts in the United States and worldwide&quot;. 
 
Maduro&#39;s socialist government has often claimed that US &quot;right wing&quot; interests and local business elites were trying to blockade his state-led economy and prevent Venezuela&#39;s access to international credit. 
 
&quot;Do you think they are going to stop us by putting in place a financial blockade? No, ladies and gentlemen, nobody stops Venezuela. With Citibank or without it, we are moving forward. With Kimberly or without, we are moving.&quot; 
 
Venezuela&#39;s government said just hours earlier that it would take over operations at facilities where US consumer goods giant Kimberly-Clark just shut down, citing unworkable economic conditions.&nbsp;The American company announced on Saturday it would cease production, saying that it was impossible to get enough hard currency to buy raw materials, and that inflation was surging. 
 
&quot;We are going to sign, at the workers&#39; request... to authorise immediate occupation of the workplace known as Kimberly-Clark de Venezuela... by its workers,&quot; Labor Minister Oswaldo Vera said at the facility&#39;s plant in the central city of Maracay. 
 
The country&#39;s economy has been hard hit by the plunging value of its main export, oil. Analysts also criticise its state-led economy of gross mismanagement leading to shortages of toilet paper, diapers and food. 
 
Vera signed the document to loud cheers and&nbsp;he said machines would be back in operation within hours.&nbsp;In a sign of Maduro&#39;s concern at mounting social unrest, the president on Thursday replaced the head of the National Guard.&nbsp; 
 
The Venezuelan opposition launched efforts to remove the president after winning control of the legislature in January.&nbsp;But Maduro has challenged his rivals through the Supreme Court, which they accuse him of controlling. 
 
(AFP)

He accuses the US-based bank of a 'financial blockade', says the move amounts to an 'inquisition' by the Obama administration

Citibank plans to close the account Venezuela uses to make international payments, President Nicolas Maduro said on Monday, accusing the US-based bank of a "financial blockade". "Citibank, with no warning or communication, says that it is going to close the Central Bank and Bank Of Venezuela account. That is what you call a financial blockade," the embattled president said in televised remarks. He said the move amounted to an "inquisition" by US President Barack Obama's administration. Maduro said his South American nation, a major oil producer, uses the account to make payments "within 24 hours, to other accounts in the United States and worldwide". Maduro's socialist government has often claimed that US "right wing" interests and local business elites were trying to blockade his state-led economy and prevent Venezuela's access to international credit. "Do you think they are going to stop us by putting in place a financial blockade? No, ladies and gentlemen, nobody stops Venezuela. With Citibank or without it, we are moving forward. With Kimberly or without, we are moving." Venezuela's government said just hours earlier that it would take over operations at facilities where US consumer goods giant Kimberly-Clark just shut down, citing unworkable economic conditions. The American company announced on Saturday it would cease production, saying that it was impossible to get enough hard currency to buy raw materials, and that inflation was surging. "We are going to sign, at the workers' request... to authorise immediate occupation of the workplace known as Kimberly-Clark de Venezuela... by its workers," Labor Minister Oswaldo Vera said at the facility's plant in the central city of Maracay. The country's economy has been hard hit by the plunging value of its main export, oil. Analysts also criticise its state-led economy of gross mismanagement leading to shortages of toilet paper, diapers and food. Vera signed the document to loud cheers and he said machines would be back in operation within hours. In a sign of Maduro's concern at mounting social unrest, the president on Thursday replaced the head of the National Guard. The Venezuelan opposition launched efforts to remove the president after winning control of the legislature in January. But Maduro has challenged his rivals through the Supreme Court, which they accuse him of controlling. (AFP)

Venezuela President: Citibank planning to close account used to make international payments

Tens of thousands of Venezuelans rushed across the border to neighbouring Colombia, taking advantage of a 12-hour temporary border opening to buy much-needed food and medicine, in short supply in their home country where a severe economic crisis has caused critical shortages. 
 
Venezuelan homemaker Ada Marquez was moved by the scene. 
 
&quot;I was crying as I crossed the bridge when I saw the avalanche of people. It&#39;s unbelievable to me that all of Venezuela wants to come here, to this neighbouring country, to look for the things we can&#39;t get over there. Everyday, there are fewer things,&quot; she said. 
 
Although Venezuelan President Nicolas Maduro ordered the border with Colombia to close last year to crack down on smuggling, Tachira Governor Jos? Vielma said the president authorised the opening of the border crossings on Sunday. 
 
Nearly 35,000 Venezuelans crossed the border: Columbian governor 
 
Thousands of Venezuelans spent the night outside the San Antonio del Tachira customs office in anticipation of the opening. Some travelled hours for the opportunity to buy much-needed food, medicine and basic goods. 
 
Venezuelan homemaker Bernarda Oliveros said she was grateful they could buy products in Colombia. 
 
&quot;It&#39;s a relief to be able to come here to find our products, our medicines, that we really cannot get over there,&quot; she said. 
 
Colombian governor William Villamizar of Norte de Santander estimated that about 35,000 Venezuelans crossed the border into nearby Colombian cities like La Parada and Cucuta. 
 
Since Venezuelans crossed the three border bridges on foot, the Colombian government provided bus transportation to take shoppers to buy food and medicine. 
 
&#39;We don&#39;t have food. We don&#39;t have cooking oil&#39;&nbsp; 
 
Colombian shops accepted the depreciating currency Venezuelan bolivar, and a Reuters witness reported that many Colombian businesses&#39; shelves were empty by midmorning. 
 
Millions of people spend much of their day in long lines at supermarkets and shops to try to buy basic items amid shortages caused by a decline in oil revenues in Venezuela, a country that imports almost everything it consumes, and tightly controls exchange and price. 
 
Venezuelan Carmen Velazco said the situation is drastic. 
 
&quot;We don&#39;t have food. We don&#39;t have cooking oil. We don&#39;t have flour. So that is why we have to come here,&quot; she said. 
 
Shortages have been so great and prices so high that looting has increased in Venezuela. 
 
(Reuters)&nbsp;

Thousands of Venezuelans spent the night outside the San Antonio del Tachira customs office in anticipation of the temporary border opening

Tens of thousands of Venezuelans rushed across the border to neighbouring Colombia, taking advantage of a 12-hour temporary border opening to buy much-needed food and medicine, in short supply in their home country where a severe economic crisis has caused critical shortages. Venezuelan homemaker Ada Marquez was moved by the scene. "I was crying as I crossed the bridge when I saw the avalanche of people. It's unbelievable to me that all of Venezuela wants to come here, to this neighbouring country, to look for the things we can't get over there. Everyday, there are fewer things," she said. Although Venezuelan President Nicolas Maduro ordered the border with Colombia to close last year to crack down on smuggling, Tachira Governor Jos? Vielma said the president authorised the opening of the border crossings on Sunday. Nearly 35,000 Venezuelans crossed the border: Columbian governor Thousands of Venezuelans spent the night outside the San Antonio del Tachira customs office in anticipation of the opening. Some travelled hours for the opportunity to buy much-needed food, medicine and basic goods. Venezuelan homemaker Bernarda Oliveros said she was grateful they could buy products in Colombia. "It's a relief to be able to come here to find our products, our medicines, that we really cannot get over there," she said. Colombian governor William Villamizar of Norte de Santander estimated that about 35,000 Venezuelans crossed the border into nearby Colombian cities like La Parada and Cucuta. Since Venezuelans crossed the three border bridges on foot, the Colombian government provided bus transportation to take shoppers to buy food and medicine. 'We don't have food. We don't have cooking oil' Colombian shops accepted the depreciating currency Venezuelan bolivar, and a Reuters witness reported that many Colombian businesses' shelves were empty by midmorning. Millions of people spend much of their day in long lines at supermarkets and shops to try to buy basic items amid shortages caused by a decline in oil revenues in Venezuela, a country that imports almost everything it consumes, and tightly controls exchange and price. Venezuelan Carmen Velazco said the situation is drastic. "We don't have food. We don't have cooking oil. We don't have flour. So that is why we have to come here," she said. Shortages have been so great and prices so high that looting has increased in Venezuela. (Reuters)

In midst of crisis, tens of thousands Venezuelans rush to border to buy essentials

Crisis-hit Venezuela is willing to restore diplomatic relations with the United States after a six-year freeze, the socialist government said on Monday. 
 
The foreign ministry&#39;s announcement came two weeks after top US diplomat Thomas Shannon met with Venezuela&#39;s President Nicolas Maduro in a bid to help tackle the country`s economic and political crisis. 
 
In a message congratulating the United States on its Independence Day commemoration, the ministry expressed its &quot;willingness to establish respectful bilateral diplomatic relations.&quot; 
 
The two countries have not exchanged ambassadors since 2010 due to tensions between Washington and the government of Hugo Chavez, Maduro&#39;s mentor and late predecessor. 
 
Like Chavez before him, Maduro has frequently accused Washington of interfering in Venezuela`s internal affairs and seeking his overthrow. 
 
The United States has expressed concern over the crisis in Venezuela, saying Maduro`s opponents have a right to organise a referendum on removing him from power, which they hope to do this year. 
 
Future diplomatic relations should be guided by international law and &quot;principles such as sovereign equality of states and the people`s right to self-determination,&quot; the ministry`s statement said. 
 
(AFP)

The two countries have not exchanged ambassadors since 2010 due to tensions between Washington and the government of Hugo Chavez

Crisis-hit Venezuela is willing to restore diplomatic relations with the United States after a six-year freeze, the socialist government said on Monday. The foreign ministry's announcement came two weeks after top US diplomat Thomas Shannon met with Venezuela's President Nicolas Maduro in a bid to help tackle the country`s economic and political crisis. In a message congratulating the United States on its Independence Day commemoration, the ministry expressed its "willingness to establish respectful bilateral diplomatic relations." The two countries have not exchanged ambassadors since 2010 due to tensions between Washington and the government of Hugo Chavez, Maduro's mentor and late predecessor. Like Chavez before him, Maduro has frequently accused Washington of interfering in Venezuela`s internal affairs and seeking his overthrow. The United States has expressed concern over the crisis in Venezuela, saying Maduro`s opponents have a right to organise a referendum on removing him from power, which they hope to do this year. Future diplomatic relations should be guided by international law and "principles such as sovereign equality of states and the people`s right to self-determination," the ministry`s statement said. (AFP)

After six-year freeze, Venezuela willing to restore diplomatic ties with US

Venezuela&#39;s oil revenues plummeted 40.7 per cent in 2015 due to sinking global oil prices, the country&#39;s state-owned oil and natural gas company,&nbsp;Petr?leos de Venezuela, S.A. (PDVSA)&nbsp;said in its annual report released Sunday.

PDVSA -- the world&#39;s fifth-largest oil company -- earned $72.2 billion in revenues last year, a sharp drop from 2014&#39;s $121.9 billion.

Meanwhile, its net profit fell 19 per cent to $7.3 billion.

The South American OPEC country relies heavily on its oil and gas reserves -- which account for 96 per cent of the country&#39;s exports and are the largest worldwide at more than 300 billion barrels.

The first half of 2016 saw the value of Venezuela&#39;s crude oil tumble to an average $31.15 per barrel, said the country&#39;s Ministry of Petroleum and Mining last Friday.

&quot;In 2014 the average price was $88. It is obvious that our earnings have dropped,&quot; said PDVSA president and Venezuela&#39;s Oil Minister Eulogio del Pino, in a Sunday interview broadcast by the private station Televen.

The sector&#39;s nose-dive has exacerbated the country&#39;s already dire economic situation in which 80 per cent of basic consumer products, including food and medicine, are in short supply.

Soaring prices and shortages have in turn led to riots, looting and vigilante justice.

President Nicolas Maduro blames the country&#39;s economic woes on a right-wing conspiracy, while the opposition is demanding a referendum to oust the leader. 
 
(AFP)

PDVSA - the world's fifth-largest oil company - earned $72.2 billion in revenues last year, a sharp drop from 2014's $121.9 billion

Venezuela's oil revenues plummeted 40.7 per cent in 2015 due to sinking global oil prices, the country's state-owned oil and natural gas company, Petr?leos de Venezuela, S.A. (PDVSA) said in its annual report released Sunday. PDVSA -- the world's fifth-largest oil company -- earned $72.2 billion in revenues last year, a sharp drop from 2014's $121.9 billion. Meanwhile, its net profit fell 19 per cent to $7.3 billion. The South American OPEC country relies heavily on its oil and gas reserves -- which account for 96 per cent of the country's exports and are the largest worldwide at more than 300 billion barrels. The first half of 2016 saw the value of Venezuela's crude oil tumble to an average $31.15 per barrel, said the country's Ministry of Petroleum and Mining last Friday. "In 2014 the average price was $88. It is obvious that our earnings have dropped," said PDVSA president and Venezuela's Oil Minister Eulogio del Pino, in a Sunday interview broadcast by the private station Televen. The sector's nose-dive has exacerbated the country's already dire economic situation in which 80 per cent of basic consumer products, including food and medicine, are in short supply. Soaring prices and shortages have in turn led to riots, looting and vigilante justice. President Nicolas Maduro blames the country's economic woes on a right-wing conspiracy, while the opposition is demanding a referendum to oust the leader. (AFP)

Venezuelan oil plummets in 2015, says PDVSA annual report

The US government sent veteran diplomat Tom Shannon to Venezuela today to meet senior opposition and government figures amid a brutal economic crisis and political impasse in the South American nation. 
 
Socialist-run Venezuela has for years had tumultuous relations with Washington, and a similar rapprochement led by Shannon stalled last year over the jailing of opposition leader Leopoldo Lopez. 
 
Despite a harsh exchange of words at a summit in the Dominican Republic last week, US secretary of state John Kerry and Venezuelan foreign minister Delcy Rodriguez agreed to re-start talks in an effort to reduce tensions. 
 
In a visit lasting less than 24 hours, Shannon, a veteran of US diplomacy in the region who is an under secretary in the state department, was to meet first with opposition leaders. These included congress head Henry Ramos and two-time presidential candidate Henrique Capriles, according to opposition sources. 
 
He was then hoping to meet President Nicolas Maduro, the former bus driver who is half-way through a six-year term after winning election in 2013 to succeed his mentor Hugo Chavez. 
 
&quot;The main purpose is to have a series of discussions about the social, economic and political challenges in Venezuela and to try to help foster constructive, meaningful dialogue toward solutions with a variety of groups in the government and outside,&quot; said US state department spokesman John Kirby. 
 
Washington may be hoping a rapprochement undermines Maduro&#39;s constant blaming of his &quot;imperialist&quot; foes for Venezuela&#39;s economic demise and alleged coup plans against him. 
 
TIME-WASTING? 
 
Shannon is likely, analysts and diplomats said, to press for the release of jailed opponents including Lopez, and he has also publicly backed the opposition&#39;s push for a referendum to try and recall Maduro this year. 
 
&quot;The United States understands that for a recall referendum to take place, international engagement is necessary,&quot; said Venezuela expert David Smilde, of Tulane University. 
 
In a speech today, Maduro welcomed Shannon and also repeated his calls for talks with his domestic foes. 
 
&quot;I think it&#39;s very good the right steps are taken to rebuild relations with the United States,&quot; he said. &quot;And I would equally want processes of dialogue ... with Venezuela&#39;s opposition.&quot; 
 
Both Ramos and Capriles have said dialogue is a time-wasting tactic employed by Maduro in the past, and the only solution for Venezuela now is a referendum. The government has said there is no time to organize a referendum this year, and the national election board has been dragging its feet over the process. 
 
The timing is crucial because if Maduro loses a referendum this year, there would be a new presidential election which polls indicate he would likely lose. Losing a referendum after January means he would be replaced by his vice president, effectively leaving the Socialist Party in power. 
 
Though he benefited from Chavez&#39;s popularity and generous welfare programs to win narrowly in 2013, Maduro&#39;s popularity has plummeted amid recession, the highest inflation in the world, shortages and now daily lootings and food riots. 
 
The opposition won control of the National Assembly in December due to public ire over the economy, but a conflict of powers has ensued and a government-leaning Supreme Court has overturned most of the legislature&#39;s measures. 
 
Since Chavez began office in 1999, Venezuela and the United States have gone through cycles of diplomatic fighting followed by generally short-lived eras of reconciliation. 
 
They have been without ambassadors since 2010. 
 
Through it all, Venezuela has kept oil flowing north uninterrupted, and is the third biggest US supplier after Saudi Arabia and Canada, according to latest US data. 
 
(Reuters)

Socialist-run Venezuela has for years had tumultuous relations with Washington

The US government sent veteran diplomat Tom Shannon to Venezuela today to meet senior opposition and government figures amid a brutal economic crisis and political impasse in the South American nation. Socialist-run Venezuela has for years had tumultuous relations with Washington, and a similar rapprochement led by Shannon stalled last year over the jailing of opposition leader Leopoldo Lopez. Despite a harsh exchange of words at a summit in the Dominican Republic last week, US secretary of state John Kerry and Venezuelan foreign minister Delcy Rodriguez agreed to re-start talks in an effort to reduce tensions. In a visit lasting less than 24 hours, Shannon, a veteran of US diplomacy in the region who is an under secretary in the state department, was to meet first with opposition leaders. These included congress head Henry Ramos and two-time presidential candidate Henrique Capriles, according to opposition sources. He was then hoping to meet President Nicolas Maduro, the former bus driver who is half-way through a six-year term after winning election in 2013 to succeed his mentor Hugo Chavez. "The main purpose is to have a series of discussions about the social, economic and political challenges in Venezuela and to try to help foster constructive, meaningful dialogue toward solutions with a variety of groups in the government and outside," said US state department spokesman John Kirby. Washington may be hoping a rapprochement undermines Maduro's constant blaming of his "imperialist" foes for Venezuela's economic demise and alleged coup plans against him. TIME-WASTING? Shannon is likely, analysts and diplomats said, to press for the release of jailed opponents including Lopez, and he has also publicly backed the opposition's push for a referendum to try and recall Maduro this year. "The United States understands that for a recall referendum to take place, international engagement is necessary," said Venezuela expert David Smilde, of Tulane University. In a speech today, Maduro welcomed Shannon and also repeated his calls for talks with his domestic foes. "I think it's very good the right steps are taken to rebuild relations with the United States," he said. "And I would equally want processes of dialogue ... with Venezuela's opposition." Both Ramos and Capriles have said dialogue is a time-wasting tactic employed by Maduro in the past, and the only solution for Venezuela now is a referendum. The government has said there is no time to organize a referendum this year, and the national election board has been dragging its feet over the process. The timing is crucial because if Maduro loses a referendum this year, there would be a new presidential election which polls indicate he would likely lose. Losing a referendum after January means he would be replaced by his vice president, effectively leaving the Socialist Party in power. Though he benefited from Chavez's popularity and generous welfare programs to win narrowly in 2013, Maduro's popularity has plummeted amid recession, the highest inflation in the world, shortages and now daily lootings and food riots. The opposition won control of the National Assembly in December due to public ire over the economy, but a conflict of powers has ensued and a government-leaning Supreme Court has overturned most of the legislature's measures. Since Chavez began office in 1999, Venezuela and the United States have gone through cycles of diplomatic fighting followed by generally short-lived eras of reconciliation. They have been without ambassadors since 2010. Through it all, Venezuela has kept oil flowing north uninterrupted, and is the third biggest US supplier after Saudi Arabia and Canada, according to latest US data. (Reuters)

Despite growing tension, US and Venezuela to resume economic talks

Venezuelans queued to get fingerprinted on Monday in a crucial phase of efforts to force President Nicolas Maduro from power, after food shortages sparked deadly protests and looting. 
 
Thousands of Maduro&#39;s opponents lined up to submit their fingerprints so electoral authorities can authenticate signatures on a petition calling for a referendum on his rule. 
 
The procedures, due to run until Friday, could make or break the bid to hold a recall vote on Maduro. 
 
The opposition says he must be removed to rescue the South American country from economic disaster. 
 
Crowds of citizens holding identity cards queued up to have their electronic prints taken at the National Electoral Council in Caracas and around the country. 
 
&quot;We want another country - a nice one,&quot; said Amanda Zerpa, 59, leaning on a cane after giving her fingerprints. 
 
&quot;They are not governing the country well.&quot; 
 
She had a heart attack seven months ago and, like many of her compatriots, has been struggling to get hold of medication. 
 
Her clothes-selling business has suffered because she can no longer afford to buy stock abroad. 
 
Of the 1.3 million signatures recorded by the electoral board in the initial petition, at least 200,000 must be authenticated to pass to the next phase. 
 
The next step will require the collection of four million more signatures to call a full referendum. 
 
President resists 
 
Venezuela is grappling with an economic crisis sparked by the plunge in prices for its crucial oil exports. 
 
People face shortages of basic foods and goods as well as electricity blackouts. 
 
The opposition says Maduro&#39;s economic management is also to blame. They denounce the jailing of his political opponents. 
 
Maduro is resisting efforts for a referendum. He has alleged irregularities in the signature process. 
 
The country&#39;s food crisis erupted into deadly looting last week. Authorities said at least five people were killed and more than 400 arrested. 
 
The president has warned he may decree emergency measures if confronted with more violence. 
 
Such measures could prevent the recall referendum from taking place. 
 
Referendum wanted this year 
 
The opposition is rushing to complete the recall process by January 10, the cutoff date to trigger new elections. 
 
After that date, a successful recall vote would simply pass power to Maduro&#39;s hand-picked vice president. 
 
Opposition lawmaker Delsa Solorzano said that the referendum would have to take place by early November to have a chance of succeeding against Maduro. 
 
Maduro has challenged the referendum drive in the Supreme Court. His opponents say he controls the court and the electoral authorities through his allies. 
 
Jorge Rodriguez, head of a panel appointed by the president to oversee the recall push, called the proceedings a &quot;farce&quot; by the opposition &quot;trying to create a climate where violence would erupt&quot;. 
 
The head of the electoral council Tibisay Lucena warned that any violence during this week&#39;s proceedings could cause the process to be suspended. 
 
Maduro blames the crisis on an &quot;economic war&quot; by his capitalist rivals. 
 
Analysts and some political leaders have warned of further unrest if the referendum is blocked. 
 
&quot;Venezuela is like a bomb that could explode at any moment,&quot; said senior opposition leader Henrique Capriles. 
 
&quot;If the social tension keeps rising, if starts to boil over, as is happening, the outburst is going to be much worse&quot;. 
 
(AFP)

Opponents submit fingerprints to electoral authorities to verify signatures on apetition for referendum amid economic crisis

Venezuelans queued to get fingerprinted on Monday in a crucial phase of efforts to force President Nicolas Maduro from power, after food shortages sparked deadly protests and looting. Thousands of Maduro's opponents lined up to submit their fingerprints so electoral authorities can authenticate signatures on a petition calling for a referendum on his rule. The procedures, due to run until Friday, could make or break the bid to hold a recall vote on Maduro. The opposition says he must be removed to rescue the South American country from economic disaster. Crowds of citizens holding identity cards queued up to have their electronic prints taken at the National Electoral Council in Caracas and around the country. "We want another country - a nice one," said Amanda Zerpa, 59, leaning on a cane after giving her fingerprints. "They are not governing the country well." She had a heart attack seven months ago and, like many of her compatriots, has been struggling to get hold of medication. Her clothes-selling business has suffered because she can no longer afford to buy stock abroad. Of the 1.3 million signatures recorded by the electoral board in the initial petition, at least 200,000 must be authenticated to pass to the next phase. The next step will require the collection of four million more signatures to call a full referendum. President resists Venezuela is grappling with an economic crisis sparked by the plunge in prices for its crucial oil exports. People face shortages of basic foods and goods as well as electricity blackouts. The opposition says Maduro's economic management is also to blame. They denounce the jailing of his political opponents. Maduro is resisting efforts for a referendum. He has alleged irregularities in the signature process. The country's food crisis erupted into deadly looting last week. Authorities said at least five people were killed and more than 400 arrested. The president has warned he may decree emergency measures if confronted with more violence. Such measures could prevent the recall referendum from taking place. Referendum wanted this year The opposition is rushing to complete the recall process by January 10, the cutoff date to trigger new elections. After that date, a successful recall vote would simply pass power to Maduro's hand-picked vice president. Opposition lawmaker Delsa Solorzano said that the referendum would have to take place by early November to have a chance of succeeding against Maduro. Maduro has challenged the referendum drive in the Supreme Court. His opponents say he controls the court and the electoral authorities through his allies. Jorge Rodriguez, head of a panel appointed by the president to oversee the recall push, called the proceedings a "farce" by the opposition "trying to create a climate where violence would erupt". The head of the electoral council Tibisay Lucena warned that any violence during this week's proceedings could cause the process to be suspended. Maduro blames the crisis on an "economic war" by his capitalist rivals. Analysts and some political leaders have warned of further unrest if the referendum is blocked. "Venezuela is like a bomb that could explode at any moment," said senior opposition leader Henrique Capriles. "If the social tension keeps rising, if starts to boil over, as is happening, the outburst is going to be much worse". (AFP)

Thousands of Venezuelans petition to drive out president after deadly looting and protests

&quot;Yes,&quot; exclaims a visibly agitated Augusto Montiel, Venezuela&#39;s ambassador to India. After Iraq and Libya, the United States is trying to create or foment conditions in another oil-rich country for an intervention and regime change, he tells me on a hot summer afternoon in New Delhi. This time of the year Caracas is cooler than the furnace that is Delhi but one can&#39;t say the same for the political temperature there, which is only hotting up. 
 
Venezuela, the Western media outlets will tell you, is in the midst of a crisis. Essential commodities are in short supply; long queues are reported outside shops and supermarkets selling bread, butter, baby food, medicines and toilet paper. Electricity is rationed. Inflation is among, if not, the highest in the world. The value of Bolivar, Venezuela&#39;s currency, is tumbling. And, as Reuters reports, oil output in Venezuela, which has the world&rsquo;s largest oil reserves, dropped to 2.37 million barrels per day in May, further worsening its economy. 
 
That is not all. Venezuela&#39;s economic crisis is compounded by the political wrangling over the future of its president, Nicolas Maduro. The 53-year-old was elected the country&#39;s 65th president in the 14 April 2013 election which was necessitated by the demise of Hugo Chavez. Maduro was the vice president at the time. His troubles began soon thereafter; 2014 saw a series of protests over the rising crime graph in the country, shortages of basic goods and inflation. Things came to a head when an opposition leader, Leopoldo Lopez, was detained for allegedly instigating the protests and sentenced to 14 years in prison. 
 
In the 6 December 2015 parliamentary election, the opposition succeeded in wresting control of the National Assembly for the first time since 1999, when the Constituent Assembly elections were held to draft a new Constitution. The opposition is pushing for the recall of Maduro, which is allowed under the Constitution. For Maduro&#39;s government and the opposition, time is of the essence, and quite literally at that. If the recall vote is held before January 2017 and the opposition wins it, new presidential elections will be called, which is what the opposition wants. If it is held after that date but the opposition still wins it, then Vice President Aristobulo Isturiz will succeed Maduro as the president and continue in office till 2019 when the next presidential elections are due. 
 
Montiel asserts that the economic and political crises are not of Venezuela&#39;s own making though. &quot;What you are seeing is an economic war,&quot; he says. &quot;There is an economic and financial blockade against Venezuela by the US and its allies; how can we not have an economic crisis?&quot; The US, a combative Montiel continues, has no moral right to preach or teach Venezuela about democracy 
 
what with the US itself reeling under sporadic attacks on minorities and gun violence and which is accused of torture in Guantanamo, not to forget dropping nuclear bombs on Japan and using napalm in Vietnam. A former US president Jimmy Carter had given a thumbs up to the Venezuelan electoral practices, he adds for good measure. 
 
While Montiel worries about Venezuela becoming the next Iraq, there is a sliver of hope that the US will be inspired to pursue rapprochement or detente with Venezuela just as it did with Iran and Cuba. US Secretary of State John Kerry has announced talks with the Venezuelan government after he waltzed through meetings with his South American counterparts, Delcy Rodriguez of Venezuela included, on the margins of an Organisation of American States conference in the Dominican Republic. With patience and perseverance, both sides can hopefully work towards durable peace and not let the talks degenerate into mutual recrimination. According to reports, Kerry has indicated that the talks led by his aide Thomas Shannon could start immediately in Caracas. For his part, Maduro has iterated that the two countries should resume diplomatic relations by posting ambassadors in each other&#39;s capitals. 
 
Hopefully, the road to US-Venezuela rapprochement will pass through Tehran and Havana, not Baghdad!

With patience and perseverance, both sides can hopefully work towards durable peace

"Yes," exclaims a visibly agitated Augusto Montiel, Venezuela's ambassador to India. After Iraq and Libya, the United States is trying to create or foment conditions in another oil-rich country for an intervention and regime change, he tells me on a hot summer afternoon in New Delhi. This time of the year Caracas is cooler than the furnace that is Delhi but one can't say the same for the political temperature there, which is only hotting up. Venezuela, the Western media outlets will tell you, is in the midst of a crisis. Essential commodities are in short supply; long queues are reported outside shops and supermarkets selling bread, butter, baby food, medicines and toilet paper. Electricity is rationed. Inflation is among, if not, the highest in the world. The value of Bolivar, Venezuela's currency, is tumbling. And, as Reuters reports, oil output in Venezuela, which has the world’s largest oil reserves, dropped to 2.37 million barrels per day in May, further worsening its economy. That is not all. Venezuela's economic crisis is compounded by the political wrangling over the future of its president, Nicolas Maduro. The 53-year-old was elected the country's 65th president in the 14 April 2013 election which was necessitated by the demise of Hugo Chavez. Maduro was the vice president at the time. His troubles began soon thereafter; 2014 saw a series of protests over the rising crime graph in the country, shortages of basic goods and inflation. Things came to a head when an opposition leader, Leopoldo Lopez, was detained for allegedly instigating the protests and sentenced to 14 years in prison. In the 6 December 2015 parliamentary election, the opposition succeeded in wresting control of the National Assembly for the first time since 1999, when the Constituent Assembly elections were held to draft a new Constitution. The opposition is pushing for the recall of Maduro, which is allowed under the Constitution. For Maduro's government and the opposition, time is of the essence, and quite literally at that. If the recall vote is held before January 2017 and the opposition wins it, new presidential elections will be called, which is what the opposition wants. If it is held after that date but the opposition still wins it, then Vice President Aristobulo Isturiz will succeed Maduro as the president and continue in office till 2019 when the next presidential elections are due. Montiel asserts that the economic and political crises are not of Venezuela's own making though. "What you are seeing is an economic war," he says. "There is an economic and financial blockade against Venezuela by the US and its allies; how can we not have an economic crisis?" The US, a combative Montiel continues, has no moral right to preach or teach Venezuela about democracy what with the US itself reeling under sporadic attacks on minorities and gun violence and which is accused of torture in Guantanamo, not to forget dropping nuclear bombs on Japan and using napalm in Vietnam. A former US president Jimmy Carter had given a thumbs up to the Venezuelan electoral practices, he adds for good measure. While Montiel worries about Venezuela becoming the next Iraq, there is a sliver of hope that the US will be inspired to pursue rapprochement or detente with Venezuela just as it did with Iran and Cuba. US Secretary of State John Kerry has announced talks with the Venezuelan government after he waltzed through meetings with his South American counterparts, Delcy Rodriguez of Venezuela included, on the margins of an Organisation of American States conference in the Dominican Republic. With patience and perseverance, both sides can hopefully work towards durable peace and not let the talks degenerate into mutual recrimination. According to reports, Kerry has indicated that the talks led by his aide Thomas Shannon could start immediately in Caracas. For his part, Maduro has iterated that the two countries should resume diplomatic relations by posting ambassadors in each other's capitals. Hopefully, the road to US-Venezuela rapprochement will pass through Tehran and Havana, not Baghdad!

Venezuela, the next Iraq?

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