The political crisis in Venezuela took a dangerous turn when Juan Guaidó, the new head of the National Assembly, declared himself “acting President”, challenging the authority of President Nicolás Maduro. Soon after Mr. Guaidó’s announcement, the U.S., Canada, Brazil and a host of other Latin American countries recognised the 35-year-old leader from the Popular Will party as interim President. A furious Mr. Maduro cut diplomatic ties with the U.S. and ordered American diplomats to leave in 72 hours. Venezuela has grappled with an economic and political crisis of its own making for almost two years now. When oil prices started falling from its 2014 highs, it badly hit an economy that was over-reliant on petroleum exports and was borrowing heavily to fund its over-spending on social welfare programmes, which former President Hugo Chávez liked to describe as a “Bolivarian revolution”. Mr. Maduro’s government was clueless when the economy started collapsing.
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The political crisis in Venezuela took a dangerous turn when Juan Guaidó, the new head of the National Assembly, declared himself “acting President”, challenging the authority of President Nicolás Maduro. Soon after Mr. Guaidó’s announcement, the U.S., Canada, Brazil and a host of other Latin American countries recognised the 35-year-old leader from the Popular Will party as interim President. A furious Mr. Maduro cut diplomatic ties with the U.S. and ordered American diplomats to leave in 72 hours. Venezuela has grappled with an economic and political crisis of its own making for almost two years now. When oil prices started falling from its 2014 highs, it badly hit an economy that was over-reliant on petroleum exports and was borrowing heavily to fund its over-spending on social welfare programmes, which former President Hugo Chávez liked to describe as a “Bolivarian revolution”. Mr. Maduro’s government was clueless when the economy started collapsing.