Carlos Garcia Rawlins | Reuters
Venezuela’s President Nicolas Maduro talks to the media during a news conference at Miraflores Palace in Caracas, Venezuela October 17, 2017.
Venezuela’s next presidential election will be scheduled for October 2018. Maduro — the current president along with also also successor to dictator Hugo Chavez — will be likely to face pressure via the opposition along with also also via the international community.
The country has been mired in an economic along with also also humanitarian crisis. The International Monetary Fund said last month the idea expects inflation in Venezuela to reach 2,350 percent in 2018. This kind of has aided the devaluation of Venezuela’s currency, the bolivar. One dollar fetches more than 46,000 bolivars inside black market. The country also faces a shortage of food along with also also basic goods.
nevertheless by unveiling This kind of restructuring, Maduro can score political points along with also also help secure his place at the most powerful person in said Reggie Thompson, Latin America analyst at Stratfor, a geopolitical analysis platform.
“Maduro along with also also his longtime allies want to stay in power at all costs,” said Thompson, noting the announcement of the restructuring seemed like a political move.
“The announcement was done on very short notice,” he said. “You also have Tareck El Aissami heading the idea,” who will be the target of U.S. sanctions himself. “Finally, there’s also a ban on transactions in fresh Venezuelan sovereign debt, doing the idea very difficult to restructure through the U.S. financial system.”