'It's an enormous moment for Venezuela, Latin America’s first failed state'
We are seeing an internal movement to oust President Maduro… he took up his second term after elections that 60 countries determined was fraudulent…Lyle White, Johannesburg Business School
This is probably the first failed state in modern Latin American history…Lyle White, Johannesburg Business School
Venezuelan opposition leader Juan Guaido has declared himself interim president.
He has the backing of the US, Canada and many Latin American countries including neighbours Brazil and Colombia.
In reply, socialist President Nicolas Maduro has suspended diplomatic relations with Washington.
Hundreds of thousands of Venezuelans took to the streets in Caracas on Wednesday in support of Guaido.
The Venezuelan economy is suffering a spectacular collapse, in modern times equalled only by what happened in Zimbabwe in the early-2000s.
Zimbabwe, however, was never a wealthy county.
Venezuela has the largest proven oil reserves in the world, but production levels are at a 70-year low.
It used to be the wealthiest country in Latin America with an income per capita similar to that of Norway.
Until the mid-1980s it had a per capita income more than double the regional average.
About 3 million (10% of the population) have fled Venezuela since the crisis began, according to the UN.
The IMF expects inflation in Venezuela to reach 10 000 000% this year.
Listen to the interview in the audio below (and scroll down for quotes from it).
It’s an enormous moment for Venezuela… perhaps time for Maduro to step aside and let democracy take its course.Lyle White, Johannesburg Business School
We are bracing ourselves for a crackdown…Lyle White, Johannesburg Business School
Venezuela is richly endowed with a whole range of natural resources…Lyle White, Johannesburg Business School
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