Economic Crisis

Venezuela: A State of Volatility

A renewal of the State of Economic Emergency Decree for another 60 days was published in Venezuela’s Gaceta Oficial on 16 May 2016. The new decree, characterized by the opposition as violating the Constitution, allows the government to take foreign policy measures to impede foreign intervention, conduct international and domestic negotiations to satisfy goods shortages (which will in turn be distributed by the national guard and the police), intervene when companies stop production, and solicit international aid for restoring the ecosystems affected by climate change (which have impacted Venezuela's energy resources), among other actions.