Socialist Maduro wins by landslide

Caracas, May 21 

Venezuela’s socialist President Nicolas Maduro faced international condemnation on Monday after his re-election in a vote foes denounced as a farce that cemented autocracy in the crisis-stricken oil-producing nation.

Maduro, 55, hailed his win in Sunday’s vote as a victory against “imperialism,” but his main rival alleged irregularities and refused to recognise the result.

Venezuela’s mainstream opposition boycotted the election, given that two of its most popular leaders were barred from running. Turnout was under 50 per cent.

Thousands of Maduro supporters, many wearing red berets, hugged and danced outside the Miraflores presidential palace, showered in confetti in the yellow, blue and red colours of the Venezuelan national flag.

“The revolution is here to stay!” a jubilant Maduro told the crowd, promising to prioritise economic recovery after five years of recession in the OPEC nation of 30 million people. “Let’s go, Nico!” his supporters chanted until after midnight during party scenes in downtown Caracas.

Senior US State Department officials declared Sunday’s vote a “sham” and repeated threats to impose sanctions on Venezuela’s all-important oil sector, which is already reeling from falling output, a brain-drain and creaking infrastructure.

Spain, which has led European Union criticism of Maduro, also weighed in. “Venezuela’s electoral process has not respected the most basic democratic standards. Spain and its European partners will study appropriate measures and continue to work to alleviate Venezuelans’ suffering,” tweeted PM Mariano Rajoy.

In a blistering statement, the 14-nation “Lima Group” of countries in the Americas from Canada to Brazil, said it did not recognise the legitimacy of the vote and would be downgrading diplomatic relations. The group deplored Venezuela’s “grave humanitarian situation” behind a migrant exodus. — Reuters

Economic pangs of oil-producing nation

• Nicolas Maduro, who faces a colossal task turning around Venezuela’s moribund economy, has offered no specifics on changes to two decades of state-led policies. The bolivar currency is down 99% over the past year and inflation is at an annual 14,000%, as per the National Assembly
• Furthermore, Venezuela’s multiple creditors are considering accelerating claims on unpaid foreign debt, while oil major ConocoPhillips has been taking aggressive action in recent weeks against state oil company PDVSA, as part of its claim for compensation over a 2007 nationalisation of its assets in Venezuela
• Though increasingly shunned in the West, Maduro can at least count on the support of China and Russia, which have provided billions of dollars’ funding in recent years. Beijing believed the Venezuelan government and people could handle their own affairs and that everyone should respect the choice of the Venezuelan people