Venezuela News, Protests, & Update 2014: President Nicolás Maduro Under Fire as International Community Reacts; What Will Happen Next?
As protests continue in the streets of Venezuelan cities and with a higher death toll of 36, tides may have begun to shift. President Nicolás Maduro has begun to budge under the pressure of the international community and businesses. What Venezuela's government will do remains uncertain but a path has been cleared towards some sort of conversation and negotiation.
The international community has proven to be the most effective factor in the Venezuela crisis. Though attempts by the Organization of American States (OAS) did not succeed to convince the Venezuelan government to join the opposition at the negotiation table. Yet, one of Venezuela's supporters has begun to back down.
Brazil has begun to tone down its support for the Maduro administration following the Venezuelan government's inability to meet with protesters and reach some sort of agreement, according to Reuters. Although a subtle shift, Brazil's president Dilma Rousseff worries over the potential long-term damage created by Maduro's refusal to be part of a dialogue.
A left-leaning government, Rousseff administration has also championed moderation and is a political and economic heavyweight in the region. Unrest in Venezuela could inflict damage on Brazil's economic interest in the oil-producing nation. Reuters cites a report by Brazilian newspaper Valor Economico, which states that Venezuela owes Brazilian companies $2.5 billion in debt.
To worsen the situation, U.S. Senator Marco Rubio (R-Fl.) made an impassioned speech to the Senate this past Thursday, according to the Latin American Herald Tribune. He chided the Maduro government and asked the U.S. government to take action.
"What I hope to do over the next few days is to propose specific sanctions against individuals and companies associated with the Maduro regime so they know there are consequences for what is happening here," he said in his speech. "Sanctions against Maduro and his government would have dramatic impact because all those people who are around him that are getting rich off of this regime, that are supporting these abuses so they can stay in power and keep making money, they all have bank accounts and restaurants and businesses and mansions in the United States of America. And if you support this, this government should sanction you."
Aside from sanctions and Brazil's reluctance to continue its support, Maduro's government has suffered a blow after its row with airlines over payments came to an end with the airlines victorious. According to Bloomberg Businessweek, the Maduro government has agreed to make enough dollars available for the repatriation of $3.8 billion worth of profits made by various airlines in Venezuela during 2012 and 2013. Bloomberg Businessweek reports that the government has agreed to make the transfer of funds at the rate in effect when the tickets were sold.
Sen. Marco Rubio's full speech to the Senate:
Subscribe to Latin Post!
Sign up for our free newsletter for the Latest coverage!