05-2021 Latin American Economy & Business
Economy & Business Report
Brazil’s budget deal is made for breaking
Venezuela’s legislative elections on 6 December had two losers. The government under Nicolás Maduro secured a resounding majority of seats in the national assembly. But Maduro’s claim that this was a “tremendous and enormous victory” for the Bolivarian Revolution, in an election he had billed as a plebiscite on his governance, foundered on the fact that even the partisan national electoral council (CNE) put abstention as high as 69.5% in spite of the government’s mix of coercion and inducements. This further undermines the credibility and legitimacy of the elections. Having called for the public to boycott the elections, the opposition heralded the dismal turnout as a victory, but losing its legislative majority and being consigned to the political wilderness is not much to celebrate. Infighting looks set to ensue, with Juan Guaidó’s leadership looking tenuous.
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