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Andean Group - November 2013 (ISSN 1741-4466)

ECONOMY: Maduro – the gloves are off

“What you’ve seen so far is little compared with what I am going to do”, President Nicolás Maduro declared on 19 November of his freshly approved legislative decree powers, which effectively give him a blank cheque for the next 12 months to impose untrammelled central government controls over the economy as part of Venezuela’s transition from a capitalist to a socialist system. Helpless to prevent approval of the decree law, opposition deputies in congress again demanded why the government had failed to prosecute alleged economic corruption under the plethora of existing legislation introduced by the late former president, Hugo Chávez (1999-2013). They got no answer. The much bigger question now is whether Maduro can get the economic crisis in the country under control. If he can’t, he won’t last.

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