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In Venezuela, Winning by Eliminating the Competition

Dec 22, 2016 | 23:21 GMT

Venezuela's Slide Toward a One-Party State
People wait to enter Colombia on Dec. 20 from San Antonio del Tachira, Venezuela, at a border crossing that Venezuela had only just reopened after its currency crackdown, part of a failed currency swap that reduced support for the government.

(GEORGE CASTELLANOS/AFP/Getty Images)

More than two years into a global oil price downturn, Venezuela’s myriad problems have caught up with it. What began as persistent economic distortions has evolved into a major crisis that threatens the country’s social order. Years of overspending, heavy subsidies and currency controls that fostered corruption have sapped the government’s finances. Now, Venezuela faces extreme inflation and a major reduction in food imports -- both of which may soon generate severe social unrest. Amid the discontent, factions from both leftist and more centrist opposition parties are trying to position themselves as viable alternatives to President Nicolas Maduro, but his administration still holds all the cards. The main question now is what path it will take in dealing with the multiple crises at its doorstep. The government likely will be unable to fix its economic problems any time soon, but it will almost certainly try to hold on to power...

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