Venezuela’s economy needs a democracy shot

Venezuela’s political and economic mess is deepening. Pro and anti-government rallies were taken out on Wednesday as the game of trading accusations continues to imperil the country’s future. Its president Nicolas Maduro has been charged by the opposition with halting the decision to call a referendum on removing him from power. On the other hand, Maduro has accused the opposition-controlled National Assembly of staging a “parliamentary coup” after lawmakers debated the constitutionality of his rule and gave nod to a measure to summon him for a “political and criminal trial” next Tuesday.
The crisis has forced Pope Francis to intervene. Maduro met him on Monday and said both sides will hold a “national dialogue”. However, the opposition has clearly said that it will come to the negotiating table only when the government respects the constitutional right to a referendum.
The international community must build up pressure on both the rival groups so that a meeting — scheduled to be held on the Caribbean island of Margarita on Sunday — takes place between the warring parties. It might not iron out the deep differences, but a start towards a peaceful solution to the raging crisis is important.
Venezuela’s economy is in doldrums. It has been in recession since the beginning of 2014. The country is facing a contraction of 10 percent this year and inflation of 475 percent, which may rise to 1,660 percent next year. It has to gather funds to meet $928 million in bond payments. The government has borrowed a three-year loan of $482.5 million from the Latin American Reserve Fund (FLAR), which is quite inadequate.
The economic crisis has also fuelled food and medicine crunch, shortage of basic goods and widespread looting and hoarding. People have been scrambling for food in neighbouring Colombia. The queues in the local hospitals are getting longer as medical supplies are out of stock. Around 90% of hospital emergency services have been affected as a result of which patients are suffering in silence.
Although the government denies it, the opposition says the current dismal situation can hugely be attributed to the mismanagement of resources for decades by the powers that be. The widespread anger against the government stems from the fact that the citizens have been forced to forego even the basic needs amid the prevailing corruption. Maduro calls the economic crisis a “capitalist conspiracy”. A new poll found that 75% of Venezuelans disapprove of Maduro.
The ruling party has been accused of creating a climate of intimidation and muzzling critics. Venezuelan government recently sent an opposition leader, who was sick and under house arrest, back to jail. On Wednesday, three Peruvian journalists were detained. Fear has reportedly overshadowed the humanitarian crisis the country is reeling under. European Parliament President Martin Schulz had earlier warned that democracy was in “danger” in Caracas.
As the world watches the events unfolding in Venezuela, it is necessary that the recall vote is allowed to be held. This will strengthen the country’s democratic fabric and check the violence from spiraling out of control. But unseating the current government won’t be the remedy to the political and economic instability that the country is facing. The long-term solution lies in choosing a masss leader who can overhaul the entire system and earn the public trust back by encouraging them to participate in consolidating democracy. Participatory democracy can help Venezuela get back on its feet.