Venezuelan President Nicolas Maduro’s power is coming to an end since his country cannot keep up with hyperinflation, according to a former top Bush administration Department of State official Friday.
“The regime of Nicolás Maduro is doomed,” Roger F. Noriega wrote in the Miami Herald Friday. The fate of the Venezuelan strongman, “is shackled to a collapsing economy, wrought by two decades of socialism, mismanagement, and corruption that has squandered $1.5 trillion in oil revenue,” opined the former assistant secretary of state for western hemisphere affairs.
“The precipitous drop in oil prices in the last two years has taken its toll on government revenues and social programs,” he wrote. The American Enterprise Institute (AEI) visiting fellow noted the deadly combined forces of “rising hunger and insecurity” as central factors in what he thinks will be the imminent downfall of the socialist Maduro.
Venezuela has been in serious trouble for years, particularly in the wake of the 2013 death of President Hugo Chavez. The passing of the larger-than-life Venezuelan leader left a leadership gap in the Venezuelan Socialist Party. The opposition took advantage of this when they won nationwide legislative elections in December 2015. It is expected the National Electoral Council will issue a decision Monday if the steps needed for a presidential recall will move forward.