Political turmoil in Venezuela comes to a head

The political crisis in Venezuela is nearing a breaking point.Reports say the South American country, which has the world’s largest oil reserves, is descending into chaos, its economy is in tatters and its people are suffering from lack of food.And this week tensions have peaked ahead of a national vote on July 30 called by President Nicolas Maduro to elect a Constituent Assembly to redraft Venezuela’s constitution.The opposition has vowed to boycott the vote, dismissing it as a ploy by President Maduro to cling to power.The president insists that this is the only way to bring peace to the country.The opposition, on the other hand, seeks to unseat Maduro, whom it blames for an acute economic crisis that has resulted in shortages of food, medicine and basic items such as diapers, soap and toilet paper.And as for its currency, the bolivar, observers say rampant inflation has rendered it worthless. According to the International Monetary Fund, inflation in the country is expected to top 700%.A national survey conducted last year found that 75% of Venezuelans have lost about 19 pounds due to the lack of food.The situation has become so serious that thousands of poor Venezuelans have been forced to flee to neighbouring Colombia.Maduro has also come under growing regional and international pressure. On Tuesday, the Secretary General the Organisation of American States (OAS), Luis Almagro, said he will seek to bring Venezuela to the International Criminal Court (ICC). Almagro has appointed Luis Moreno Ocampo, a former chief prosecutor at the ICC, to examine whether there is a case to charge the Venezuelan government with crimes against humanity.On Wednesday, the US government sanctioned more than a dozen senior Venezuelan officials, a move slammed by Maduro as “illegal, insolent, and unprecedented.” President Donald Trump has threatened to impose economic sanctions aimed at Venezuela’s oil sector. Statistics show that the US buys nearly half of Venezuela’s oil, and oil revenues account for 95% of the country’s export earnings.That being the case, any US sanctions on Venezuela’s oil market could have major financial implications for the Maduro government and for ordinary Venezuelans.And it is the ordinary Venezuelans who are calling the shots now. By pouring out into the streets in their thousands, they have strengthened the hands of the opposition. The latter has called for mass protests dubbed the “taking of Caracas” today. This follows a two-day national strike, held on Wednesday and yesterday, during which three civilians were killed.Nevertheless, President Maduro has dismissed opposition moves to force him out. Analysts say Maduro, who has the support of a loyal military, is widely expected to press ahead with the creation of the National Constituent Assembly whose members will be selected from within pro-government groups. Critics say that the newly created body will then move swiftly to dissolve the existing opposition-dominated National Assembly, plunging the country into greater constitutional turmoil.With neither side showing any appetite for compromise, the stage is set for escalating political violence in the country.