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Venezuela: On the Verge Of Political Turmoil
Venezuela: On the Verge Of Political Turmoil
Less than a month after being sworn in, Venezuela’s new opposition-controlled National Assembly is digging in its heels for a fight with President Nicolas Maduro and the ruling United Socialist Party of Venezuela (PSUV). On Jan. 22, a parliamentary committee overruled a decree that would have granted the president broad powers over national spending and economic planning for 60 days. Maduro has dubbed the decision unconstitutional, and the Venezuelan supreme court has declared his decree to be legally sound. At the very least, Maduro will try to shift the blame for Venezuela’s deteriorating economy onto the opposition. The opposition, for its part, will likely use whatever legal measures it can to erode the Maduro administration’s clout.
The PSUV has three main courses of action it could take.
First, it could simply ignore the opposition, using the judicial branch to nullify any controversial legislation the National Assembly passes.The PSUV’s second option is to try to further dismantle the opposition’s legislative majority by citing inconsistencies during the December 2015 elections. This would also require the support of the supreme court.
The ruling party’s final option is to expand its control over the Venezuelan economy and public finances, which would increase the risk of more heavy-handed attempts by the government to centralize economic power.
The opposition also has several approaches it could take in the coming weeks.
First, it could start the process of impeaching Maduro, something opposition figure Henry Ramos Allup has threatened to do since the new National Assembly was sworn in Jan. 5Its second option would be to pass a constitutional amendment that would limit Maduro’s tenure, eventually forcing a new presidential election.
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Gold Surges As Greece Crashes – Eurozone Debt Crisis Part II Cometh | www.goldcore.com
Gold Surges As Greece Crashes – Eurozone Debt Crisis Part II Cometh | www.goldcore.com.
Gold jumped 2.3 percent to a six-week high yesterday as sharp falls on stock markets globally led to renewed demand for gold as a haven.
Monday night and Tuesday saw renewed market turmoil across the world. Leading shares suffered their biggest daily fall since the middle of October, hit by renewed fears about the global economy and uncertainty in Greece following the announcement of snap presidential elections.
The FTSE 100 finished 142.68 points or 2.14% lower at 6529.47 yesterday as a combination of worries unsettled investors. Greece’s stock exchange crashed as the banking sector dragged the rest of the stock market down a staggering 13 percent, it’s most dramatic single-day decline ever. Greece is failing to exit its bailout amid uncertainty over its political future after the election news.
Meanwhile Chinese shares fell sharply in the wake of Monday’s disappointing trade data, showing a drop in imports, and a clampdown on its corporate bond market, while Japan was revealed to be deeper in recession than expected and the Nikkei was down 2.25 percent this morning.
The Shanghai Composite and Abu Dhabi’s ADX saw their sharpest falls since 2009. Wall Street joined in the global declines and stock markets lost $100 billion on Monday.
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