New economic decree trumps Venezuelan lawmakers

OREANDA-NEWS. January 18, 2016. Venezuelan president Nicolas Maduro issued a broad economic decree today, just hours before he is scheduled to address the new opposition-controlled national assembly.

The vaguely worded decree grants Maduro extraordinary powers during a 60-day period to tackle a "national economic emergency".

Caracas is under growing pressure to salvage the plummeting oil-based economy in the face of a possible default on its debt this year.

The new decree flies in the face of the political opposition, which appears to be losing some political momentum following its overwhelming victory in 6 December legislative elections.

It is not clear if the assembly has to approve the decree, which was already published in the government?s official gazette.

Maduro and his long-serving late predecessor Hugo Chavez routinely governed by decree, with a rubber stamp from the assembly. Chavez took office in 1999.

National assembly president Henry Ramos Allup, who heads the legislative opposition, had said Maduro would present the decree to the legislature for debate and approval. He has not commented on the new decree.

Today?s measure is the latest sign of executive branch maneuvering to bypass and even discredit the legislature.

Earlier this week, three opposition deputies elected last month agreed to step down, as per a supreme court ruling, until vote fraud allegations are investigated.

The previous government-controlled assembly appointed the court judges shortly before the new assembly took office on 5 January.