CARACAS: Venezuela’s opposition will on Thursday seek to maintain pressure on isolated President Nicolas Maduro after congress chief Juan Guaido swore himself in as interim head of state with the support of nations around the region.
Guaido won diplomatic backing from the United States, Canada and right-leaning Latin American governments on Wednesday after declaring himself leader before ebullient supporters who thronged the streets of Caracas in hopes of change.
The European Union said the democratic will of Venezuelans “cannot be ignored” and called for the “civil rights, freedom and safety” of Guaido to be respected. But it stopped short of recognising him as leader.
The 35-year-old industrial engineer, catapulted almost overnight to national leader, has promised free and fair elections, a transition government to revive the hyperinflation-riddled economy and an amnesty for military officers if they help push Maduro from power.
He faces the daunting task of pushing forward the transition plan without control over crucial state institutions and armed forces that have disavowed him.
Military commanders, including Defence Minister Vladimir Padrino, have so far promised to stick with socialist Maduro. Padrino was scheduled to speak later on Thursday in support of Maduro.
Russia, which has invested heavily in Venezuela’s oil industry and provided support to its armed forces, accused Washington of trying to usurp power in the country and warned against US military intervention.
Kremlin spokesman Dmitry Peskov said Russia had not received a Venezuelan request for military help and declined to say how it would respond if it did. But he said Maduro was the legitimate president.
Turkey took a similar line, with President Tayyip Erdogan calling Maduro to offer support.
Among investors holding defaulted debt issued by the government and state-run oil company PDVSA, the political developments fuelled hopes that a resolution of the crisis might be coming closer.
Sovereign dollar and PDVSA bonds extended their rally on Thursday, having surged the previous day after Washington backed Guaido. Its 2024 sovereign dollar bond is now at its highest since autumn 2017 when Maduro publicly called for a debt restructuring. — Reuters
Oman Observer is now on the WhatsApp channel. Click here
