by Global Risk Insights
Financial Sense
With Venezuela facing an unprecedented economic crisis, time is running out to enact much-needed reforms and avoid a drawn-out catastrophe.
Venezuela is a time bomb. The opposition, led by former presidential candidate Enrique Capriles, is calling for a referendum to recall President Nicolas Maduro. After gathering 1.85 million signatures that support the petition, Capriles has claimed victory and has said a recall vote will take place this year.
The opposition claims that Maduro has driven the country towards economic collapse. On the other hand, Maduro has just extended the state of emergency he issued earlier this year as a way to stave off the economic crisis. Protests keep surging across the country, showing everyone there is no easy way out of this worrying situation.