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Free AccessPressure Ratchets Up On Venezuela's Maduro Amid Election Fraud Claims
Venezuelan President Nicolas Maduro remains under significant domestic and international pressure regarding the outcome of the 28 July presidential election. Maduro and his far-left United Socialist Party of Venezuela (PSUV) have claimed victory, citing official returns from the National Electoral Council (seen as under gov't control). However, Maduro's challenger Edmundo Gonzalez and opposition figurehead Maria Cornia Machado, have contested this account, with their tabulations giving Gonzalez a sizeable margin of victory (67% to 30%).
- In an attempt to quell criticism, Maduro has referred the country's high court to conduct an audit of the results. However, the opposition and foreign observers have rejected the validity of the offer, saying that the Venezuelan courts are too strongly associated with the gov't to offer an independent review.
- As AP notes, "the court is closely aligned with [Maduro's] government; the court’s justices are proposed by federal officials and ratified by the National Assembly, which is dominated by Maduro sympathizers."
- Potential scenarios range from a re-run of the election through to a major crackdown on opposition forces. The former appears more unlikely with each passing day amid the deaths of at least 11 involved in post-election violence. The stronger the crackdown the more likely it is that the US officially declares Maduro's win fraudulent, raising the prospect of greater sanctions being imposed on Venezuelan officials and its beleagured oil sector.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.