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Venezuela announces to break diplomatic ties with US

Venezuela announces to break diplomatic ties with US

Venezuela President Nicolas Maduro announced on23 Jan he was breaking off diplomatic ties with the United States after Donald Trump recognized opposition leader Juan Guaido as the South American country's "interim president."

Mr Maduro gave all US diplomatic staff in Venezuela 72 hours to leave the country. The Venezuelan President accused the US government of attempting a coup d'etat.

Nicolas Maduro

Maduro was sworn-in for a second term earlier this month, following a poll considered a sham by much of the international community.

Guaido, the head of the Opposition-controlled legislature, told tens of thousands of his supporters that he was declaring himself as the acting President.

What happened to oil rich country of Venezuela?

Venezuela's economy is in free-fall. Hyperinflation, power cuts and shortages of food and medicine are driving millions of Venezuelans out of the country.

And yet the man many blame for the dire state of the nation, Nicolás Maduro, was sworn in as president for another six years in January 2019.

Why Hyperinflation?

Mainly because Venezuela put almost all its eggs into one basket: oil. This meant that when oil prices dropped back in 2014, so did the country's ability to import items, causing costs to rise.

7% of Venezuelan population has left the country since 2014.

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