When Venezuela’s opposition Democratic Unity Roundtable (MUD) won a two-thirds supermajority in the National Assembly last year, it represented an unquestionable shift after sixteen years of socialist rule. There was desire for change. Not just from the traditional array of opponents to the ruling party government, but also from those who still call themselves Chavistas.
Those clamors, in part mobilized by the MUD, have become noticeably louder in recent weeks and months and protests have been firmly met by riot police and tear gas.
The country, home to the world’s largest oil reserves and previously one of the most developed in Latin America, is now suffering from the world’s highest inflation rate, varying between 180 and 700 percent. In the boom times, oil (which accounts for 95 percent of exports) helped pay for a million homes for the poor. Now, after three years of decline, with the sovereign wealth fund depleted and the economy expected to shrink by 8 percent, default is a distinct possibility.
Everyday Venezuelans are feeling the bite through shortages in electricity, food, water and medicine. The bare essentials of society have been stripped away and replaced by blackouts, endless queues for basic household goods, violence and looting. The country has the second highest murder rate in the world.
Desperation is in the air and its manifestations can no longer be passed off by the government as “revolts of the rich,” as was the case following similar protests in 2014. (more…)