After months of violent protests that led to nearly 120 deaths, there is a crisis in Venezuela and is all burning.
President Nicolas Maduro carried a nonbinding referendum about framing a new constitution as he claims to stabilize the oil dependent economy and political unrest by this measure. However, the 37% electoral turn out voted against it. Despite this, Maduro government went ahead with constituent assembly election which was conducted on 30 July 2017.
Different politically allied sources have varying manipulation of election result data. The opposition claim a meagre 12% turnout with a distorted election process. Maduro government on the other hand claim 41.8% turnout with its own majority and is going ahead to form the 545 members constituent assembly.
Venezuela suffers from deep existential and economic crisis presently, mainly because of oil price crumble since 2014.
The United States has approved several sanctions against Maduro government. In early August, sanction was passed against 40 high profile Venezuelan people to seize their property and restrict business in the States. Later, USA restrained Venezuela from selling its bonds in American financial market pushing it towards a probable default at the end of the year with foreign debts as high as $97 billion. Also, the American administration has prohibited the import of crude oil from Venezuela putting it into sustenance crisis. This makes it extremely hard for the Maduro Government to sustain which the USA claims is reigning towards dictatorship.
Press statements by US department of state claims “US stands by the people of Venezuela in their quest to restore their country to a full and prosperous democracy”. They claim national constituent assembly result to be flawed and manipulated. Meanwhile, Venezuela faces a humanitarian crisis where even essential items are scarce to the extent that people have to cross borders to Columbia and Brazil in order to purchase basic food items like flour, cooking oil and sugar, etc. but only those who can.
While government critics claim that ruling government’s intention to bring new constitution is to maximize power and eventually circumvent coming presidential election 2019, it is yet to be seen what draft constitution would propose for Venezuela’s future.