The Real Effects Of Venezuela’s Coup D’etat
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Politics and Activism

The Real Effects Of Venezuela’s Coup D’etat

Venezuela’s coup is historic but could throw its country further into an economic crisis and affect US oil production.

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The Real Effects Of Venezuela’s Coup D’etat
wsj.com

Despite being a global oil giant, over the past 20 years Venezuela has been in an economic crisis--it’s government, hospitals, and schools failing. The government is failing to get food to its people. There is a lack of medicines in hospitals and pharmacies. Many of its citizens are desperate to flee to America for a better life.

Recently, the country’s government underwent a coup d’etat against opposition forces—blocking a referendum on President Nicolas Maduro, trying to remove him from power.

On Sunday the opposition MP’s, who have been desperate to remove Maduro from power, were forced to call for a resolution, which declared "the breakdown of constitutional order" and "a coup d'etat committed by the Nicolas Maduro government.”

The MP’s called upon Venezuelans to act and defend the referendum because it fell under basic constitutional rights. And in an effort to “restore democracy,” the emergency trial was called on Sunday.

The trial and the National Assembly erupted into chaos when Maduro supporters forced their way into the meeting, past security, and protested Maduro’s trail, an historic event that pushed the MPs to their breaking point.

Majority leader Julio Borges of the centre-right opposition coalition, accused Maduro of breaking the law because he did not allow a popular vote to take place. According to Al Jazeera:

"A continual coup d'etat has been perpetrated in Venezuela, culminating in the decision to rob us of a recall referendum. We're here to officially declare the regrettable and painful rupture of the constitution.”

BCC reported that two of the nine other resolutions that were voted in included an appeal to the international community for support against the Maduro government, taking the judge and council who had blocked the referendum to the International Court of Justice in Hague, Netherlands.

Opposition forces have instructed citizens in their favor to undergo peaceful mass protests across Venezuela in an effort to raise attention to the referendum and “retake Venezuela step by step.”

Because of the U.S. dependence on Venezuela’s oil, many Venezuelans and countries around the world should fear what preventing a referendum could result in. It can cause political tension and affect it’s already failing economy even more. If there’s social unrest locally, the oil giant could fail in oil-trade deals globally. Oil prices in the U.S. could surge.

According to the Wall Street Journal, Venezuela’s crude oil production has shrunk 11%. And on top of this, Venezuela already owes $16 billion to foreign creditors between now and towards the end 2017. If Venezuela’s oil production continues to decline, the U.S. will have to look to other countries for a bigger source of production.

The social impact of the coup d’etat will throw Venezuela further into an economic crisis, affect oil deals and the foreign credit; most importantly, it will fail its own people who are already trying to flee the country.

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
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