Maduro’s fall raises Venezuelans’ hopes

After the US raid that deposed Nicolas Maduro as Venezuela's leader, citizens hope the ensuing talks on selling its oil to the United States may improve their dire economic fortunes.

- AHIANA FIGUEROA

A Venezuelan flag flies as people gather for a pro-government march near the National Assembly in Caracas on Jan 5.NYT

(NYT)

US forces shocked many when they bombed Caracas in the night and seized Mr Maduro, but analysts agree that the raid has radically changed the country’s outlook and economic expectations.

Mr Maduro’s successor, interim leader Delcy Rodriguez, has insisted Venezuela is not “subordinate” to Washington after it seized him, but she has pledged to cooperate with it on oil.

Mr Maduro’s government had resorted to cryptocurrencies to boost foreign exchange flows amid a lack of investment, while runaway inflation wiped out people’s already meagre wages.

“I don’t really understand those agreements signed by Trump and Delcy, but I hope they help improve the economy,” said Marieta Ochoa, a 47-year-old teacher.

“Hopefully salaries go up — this inflation is unbearable.”

Until Jan 2, relations between the two countries were at their lowest: US sanctions and seizures of tankers were squeezing Venezuela's shaky oil industry.

The country had been selling oil to allies such as China and Russia at discounts of up to 50%, with low production and export levels.