How to solve a problem like Venezuela?
The Latin American country has been in decline for decades, with an authoritarian government isolated from Washington and international financial markets, a divided opposition and an economy that’s suffered the deepest depression in modern history.
More than 5 million Venezuelans have left the country, creating what’s considered the Western Hemisphere’s worst humanitarian crisis.
U.S sanctions imposed by the Trump administration have crippled the economy further and reduced its export revenue by an astonishing 99%, according to government figures.
Against all odds, President Nicolas Maduro not only resisted the shocks but now appears emboldened.
“We are real. We have a clear thinking. A clear doctrine, a clear program,” Maduro said in an 85-minute interview with Bloomberg Television’s Erik Schatzker in Caracas.
The opposition is fractured between Juan Guaido, recognized by the U.S. as Venezuela’s legitimate leader, and his main competitor, Henrique Capriles, who’s more open to dealing with Maduro.
Yet behind his bravado, Maduro has been making some concessions to the opposition along with economic reforms including allowing dollars to circulate, liberalizing the foreign exchange market and letting private companies flourish. During the interview, he pleaded with international companies to invest: “Venezuela is going to become the land of opportunities.”
Maduro is also trying to persuade U.S. President Joe Biden to ease the “cruel” sanctions and come to the negotiating table.
For Maduro, the immediate challenge is to convince Washington to engage so he avoids being left on the White House’s back burner. So far, his outreach has not been answered. — Juan Pablo Spinetto
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