Maduro rival claims Venezuela presidency amid protests
Venezuelan opposition leader Juan Guaido declared himself interim president on Wednesday, backed by the US and many Latin American nations, forcing current president Nicolas Maduro to break ties with the US.
At a Caracas rally on Wednesday, 35-year-old head of the opposition-run congress, Juan Guaido said Maduro had usurped his power.
‘I swear to assume all the powers of the presidency to secure an end to the usurpation,’ He said, addressing the crowd.
Shortly after his announcement US president Donald Trump recognised Guaido and praised his plan to hold elections.
Shortly after Canada, Brazil and Colombia also backed Guaido.
Guaido's declaration could mean the possibility of the opposition now running a parallel government recognized and backed by the US and their supporters.
Maduro accuses US of staging a coup
Nicolas Maduro has since hit back at his opposition leader and the US.
In a televised broadcast, Maduro accused Guaido of staging a coup against him, with the support of the US.
‘We've had enough interventionism, here we have dignity, damn it! Here is a people willing to defend this land,’ Maduro said.
Maduro has previously been supported by the armed forces who stood by him through two street protests, but have yet to make clear where their allegiance lies.
This isn’t the first time Maduro’s government accused Guaido of staging a coup, the previous accusation came with threats of jail time.
Venezuela’s constitution says new elections should be called in 30 days if Maduro steps down, and head of Congress should step in as interim president in the meantime. However, the pro-government Supreme Court has ruled actions taken by Congress as void.
Maduro started a second term on January 10, following a widely-boycotted election last year that many foreign governments described as a sham.
US sanctions on Venezuela
Analysts say the US could impose sanctions on Venezuelan oil as early as this week.
President Donald Trump said in a statement: ‘I will continue to use the full weight of United States economic and diplomatic power to press for the restoration of Venezuelan democracy.’
Maduro has lead Venezuela as it fell into its worst-ever economic crisis, with hyperinflation expected to reach 10 million % by the end of the year.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
