Venezuela's leader Nicolas Maduro angered his opponents
Sunday by refusing to face them for his annual presidential address, fanning
tensions as he renewed his emergency powers in a volatile crisis. His decision
to give the speech in the pro-Maduro Supreme Court instead of the legislature
aggravated a political standoff in the oil-exporting country. Delivering it
inside the court building, he confirmed the depth of Venezuela's economic
troubles. Maduro said income from the country's crucial oil exports plunged
from more than US$48 billion in 2008 to just US$5.3 billion last year. That has
meant less money to fund the social welfare model championed by Maduro and his
late predecessor Hugo Chavez. "This revenue model has become
unviable," Maduro admitted. More…
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