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Venezuela congress nixes Maduro request for emergency powers

Posted by ipso facto @ 10:53 on January 24, 2016  

CARACAS, Venezuela (AP) — Venezuela’s opposition-led congress on Friday rejected President Nicolas Maduro’s request for emergency powers amid a plunging national economy, the depths of which were dramatized by an IMF estimate that inflation this year will top 700 percent.

Ruling party and opposition lawmakers accused each other of trying to run the country into the ground in the first major congressional debate Venezuela has seen in more than a decade. Critics of the socialist revolution kicked off by late President Hugo Chavez took control of congress last month for the first time in 17 years.

Maduro had proposed an economic emergency decree that would give him expanded authority for 60 days. In the past, when it was dominated by first Chavez’s and then Maduro’s allies, congress made a habit of approving these kinds of exceptional powers.

The opposition argues that Maduro is responsible for raging inflation and chronic shortages dogging daily life here, and is promising to oust him within six months.

more http://news.yahoo.com/imf-venezuela-inflation-surpass-700-percent-142019388–finance.html

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.