Maduro rival claims Venezuela presidency amid protests

Venezuelan opposition leader Juan Guaido declared himself interim president on Wednesday, backed by the US and many Latin American nations, forcing current president Nicolas Maduro to break ties with the US.

Maduro rival claims Venezuela presidency amid protests Source: Bloomberg

At a Caracas rally on Wednesday, 35-year-old head of the opposition-run congress, Juan Guaido said Maduro had usurped his power.

‘I swear to assume all the powers of the presidency to secure an end to the usurpation,’ He said, addressing the crowd.
Shortly after his announcement US president Donald Trump recognised Guaido and praised his plan to hold elections.

Shortly after Canada, Brazil and Colombia also backed Guaido.

Guaido's declaration could mean the possibility of the opposition now running a parallel government recognized and backed by the US and their supporters.

Maduro accuses US of staging a coup

Nicolas Maduro has since hit back at his opposition leader and the US.

In a televised broadcast, Maduro accused Guaido of staging a coup against him, with the support of the US.

‘We've had enough interventionism, here we have dignity, damn it! Here is a people willing to defend this land,’ Maduro said.
Maduro has previously been supported by the armed forces who stood by him through two street protests, but have yet to make clear where their allegiance lies.

This isn’t the first time Maduro’s government accused Guaido of staging a coup, the previous accusation came with threats of jail time.

Venezuela’s constitution says new elections should be called in 30 days if Maduro steps down, and head of Congress should step in as interim president in the meantime. However, the pro-government Supreme Court has ruled actions taken by Congress as void.

Maduro started a second term on January 10, following a widely-boycotted election last year that many foreign governments described as a sham.

US sanctions on Venezuela

Analysts say the US could impose sanctions on Venezuelan oil as early as this week.
President Donald Trump said in a statement: ‘I will continue to use the full weight of United States economic and diplomatic power to press for the restoration of Venezuelan democracy.’

Maduro has lead Venezuela as it fell into its worst-ever economic crisis, with hyperinflation expected to reach 10 million % by the end of the year.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

See an opportunity to trade?

Go long or short on more than 16,000 markets with IG.

Spread bet and trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Bid
Offer
-
-
China 300
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.