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Here’s the real endgame for Nicolas Maduro of Venezuela


Venezuela's President Nicolas Maduro talks to the media during a news conference at Miraflores Palace in Caracas, Venezuela October 17, 2017.

Carlos Garcia Rawlins | Reuters

Venezuela’s President Nicolas Maduro talks to the media during a news conference at Miraflores Palace in Caracas, Venezuela October 17, 2017.

Venezuela’s next presidential election is scheduled for October 2018. Maduro — the current president and successor to dictator Hugo Chavez — is likely to face pressure from the opposition and from the international community.

The country has been mired in an economic and humanitarian crisis. The International Monetary Fund said last month it expects inflation in Venezuela to reach 2,350 percent in 2018. This has aided the devaluation of Venezuela’s currency, the bolivar. One dollar fetches more than 46,000 bolivars in the black market. The country also faces a shortage of food and basic goods.

But by unveiling this restructuring, Maduro can score political points and help secure his place at the most powerful person in said Reggie Thompson, Latin America analyst at Stratfor, a geopolitical analysis platform.

“Maduro and his longtime allies want to stay in power at all costs,” said Thompson, noting the announcement of the restructuring seemed like a political move.

“The announcement was done on very short notice,” he said. “You also have Tareck El Aissami heading it,” who is the target of U.S. sanctions himself. “Finally, there’s also a ban on transactions in new Venezuelan sovereign debt, making it very difficult to restructure through the U.S. financial system.”

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