Venezuela faces rising instability

Venezuelan President Nicolas Maduro

Inflation in Venezuela, which is listed by the International Monetary Fund as the highest in the world, is forecast to hit 1,660% next year. The worst recession in years has led to protests and calls on President Nicolas Maduro to step down. Opposition lawmakers have agreed on impeachment proceedings against Maduro, which the President called illegal.

The opposition, which holds the majority in the parliament, late last week incited widespread demonstrations and released plans to stage a nationwide strike and massive rallies to mount pressure on the government. They want to hold the president accountable for the ongoing crisis. 

On the other side, President Maduro has rallied thousands of his supporters just outside the presidental palace over the last several days. Clashes have been reported in demonstrations in some other areas. In a televised speech, President Maduro called on the opposition to engage in political and peaceful dialogue.

Confrontations between the government and the oppostion have raised concerns over an escalating battle for power in Venezuela. 2002 witnessed a failed coup against Hugo Chavez, Maduro’s predecessor.

The opposition claimed that President Maduro has been “unconstitutional” as his government blocked the collection of signatures for a referendum, which aims to remove the President from office. In response, the President accused the opposition of attempting a coup against him. Calm and dialogue are urgently needed to prevent the situation from futher deteriorating.