Skip to content
Saturday 15 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
MorningWire

European business, markets and politics

FTSE 100
10,750.11
-0.21%
DAX
26,440.31
+0.53%
CAC 40
8,636.80
-0.16%
STOXX 50
6,539.59
-0.09%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Monday 09 March 2015 11:04 am

Venezuela: No hope on the horizon

By: Jeff Misenti

Add as a preferred source on Google

In its sixteen years under the Chavista regime, Venezuela never had it worse than it has had in the last three months. For years, stories have circulated about rigged elections, brutal responses to public demonstrations, disregard for the rule of law, and growing poverty and scarcity. However, since the death of Hugo Chavez and the ascent of Nicolas Maduro to the Miraflores Palace, the situation has worsened month after month.

On February 19th, the opposition mayor of Caracas, Antonio Ledezma, was arrested in his office by 50 heavily armed agents of the Bolivarian Intelligence Service, without a warrant. Hours after the arrest, President Nicolas Maduro offered one of his favourite excuses: Ledezma was part of an American plot to overthrow the government. No formal charges were given, according to Ledezma’s lawyer. Arbitrary detentions were commonplace in Chavista Venezuela, but this was the first time that a major political authority figure has been publicly detained without a warrant.

About a month ago, former president of Colombia Andrés Pastrana denounced the existence of La Tumba (The Grave), an underground prison located five stories below the Bolivarian Intelligence Service headquarters in Caracas. This seven cell, windowless complex is allegedly used by the Maduro regime to unlawfully detain and torture dissidents, most of them young students. One year ago, these dissidents would have been sent to Ramo Verde military prison, but now it seems that the government is looking for a greater show of strength in order to discourage dissenting voices.

While these blatant actions are typically met by big, well-organized protests, as we have seen in the last several years, this will no longer be possible unless protesters take major risks. On January 27, the Ministry of Defense signed Resolution N 008610 into law, authorising the armed forces to use firearms to break up public meetings and protests.

At the same time as these terrible events ravage Venezuela, the nation’s economy is deteriorating faster than ever. Scarcity of basic consumer products, long lines at banks and grocery stores, and the special treatment to members of the United Socialist Party of Venezuela are not something Venezuelans are scandalised by anymore; it’s a part of everyday life.

Venezuela is expected to suffer a seven per cent fall in its GDP and 115 per cent inflation in 2015, according to Standard and Poor’s. The government’s usual response to negative economic figures has been to implement a tighter exchange-rate regime and to seek financial aid from foreign countries. In the days of Maduro, however, the government has implemented an “Economical Counter-offensive” which imposes a system of rationing, prison sentences for illegal currency exchangers and black market users, and the constant threat of the expropriation of consumer goods.

Before we can see democracy and rule of law back in Venezuela, the sad truth is we will likely see a lot more bloodshed and disregard for basic institutions. As many protesters say when asked what they think about their nation’s future, it will get much worse before it gets better.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • Opinion

Categories

  • Opinion

Related Topics

  • Venezuela

Trending Articles

  • Revolut takes flight with launch of new airport lounges

  • Grandparents fund university degrees to avoid inheritance tax net

  • Revolut chatbot goes rogue by charging users to cancel subscription

  • Brompton Bicycle sues former adviser for ‘professional negligence’

  • As It Happened: Stocks dip as oil’s ‘slowing demand’ in focus; Iran threatens to extend war

More from Morning Wire

  • Ambassador Suzuki: I will spare no effort to nurture Japan-UK relationship

    Opinion
    King Charles III and Hiroshi Suzuki shaking hands in a richly decorated room
  • Why did Pinterest choose Oxford Street for its new HQ?

    Opinion
    Gregory Owens and Sadiq Khan, London Mayor, stand smiling in a gallery with various framed images.
  • Britain should back the North Sea if it wants energy security and net zero

    Opinion
    Oil prices have risen as Israel and Iran tensions escalated.
  • Capgemini MD: London must keep reinventing itself

    Opinion
    Rob Walker of Capgemini presenting on stage, with a digital screen showing +10.5 growth behind him.
  • The Simon Levy case proves some criminals can never be rehabilitated

    Opinion
    Simon Levy, a man with dark hair and a beard, looking directly at the camera.
  • Devolution should mean regions competing for investment

    Opinion
    Manchester skyline with iconic landmarks during a Belfast speech event, highlighting urban landscape and architectural bea...
  • Vibes matter with tax, so here’s how Healey can deliver a feel-good Budget

    Opinion
    Chancellor John Healey smiling, wearing a navy suit, white shirt, and red tie.
  • Britain needs to start designing for drought

    Opinion
    London cityscape from Primrose Hill showing dry, brown grass during drought with River Thames and skyscrapers
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook