Venezuela’s current political crisis is one of the most serious in recent history.
The country’s embattled president, Nicolás Maduro, has been at the center of the country’s worst political crisis since the late 1970s, and has not been able to contain inflation or rein in the rampant violence.
Despite Maduro’s repeated denials that he is plotting to overthrow the country, a new wave of protests have erupted over the past two weeks, as protesters across the country continue to demand that he step down.
With the opposition-led National Assembly and other sectors of the opposition fighting for the release of political prisoners, the Venezuelan people are on the brink of a violent confrontation between Maduro and the opposition.
If the protests are not stopped, Venezuela could plunge into a catastrophic crisis, and the international community will not be able to afford to remain indifferent, said Mark Halsey, a professor of political science at the University of Michigan.
Venezuela currently has a currency rate of 8.5 bolivars per dollar, but the U.S. dollar has been trading at $1.3125 for weeks, while the Venezuelan bolivar has dropped to $1,049.
The economic situation in Venezuela is currently a mess, but as the crisis continues, the international response will be pivotal, said John T. Cogswell, director of the Mercatus Center at George Mason University.
Cogswill explained that it’s important to remember that the world has a history of supporting authoritarian leaders.
He added that the economic crisis is “a direct result of the economic collapse that we have seen in Venezuela in recent years.”
The United States, which has a larger trade deficit with Venezuela than any other country, will not tolerate this.
The U.N. Security Council unanimously voted on Friday to demand the removal of Maduro from office, but it has yet to take any concrete action.
The international community, however, has signaled its support for Maduro, including the United States.
The United Nations’ Secretary-General Antonio Guterres tweeted Friday that the U-N.
has “been urging the Venezuelan government to end its policies of repression and repression and bring the people back to democracy.”
In a statement on Friday, U.K. Foreign Secretary William Hague expressed support for the Venezuelan opposition, saying the opposition was “making a real contribution to the international debate on the Venezuelan crisis.”
He added, however: “I cannot help but see that, given the complexity of the situation, the United Nations, the European Union and others are now going to have to step up and take on this very important challenge.”
The Organization for Economic Co-operation and Development (OECD), which is the main player in the global economic community, is expected to vote on whether to put pressure on Maduro to end his government’s crackdown on protesters and other protesters in the coming days.OECD Secretary-Treasurer Peter Orszag said Friday that “the threat to the Venezuelan economy posed by the ongoing protests poses an urgent challenge for the entire world,” and urged the Venezuelan authorities to respect the right of demonstrators to assemble.