Venezuela is close to default, with high debt load and plunging oil revenues. Bloomberg has named it as the world's most miserable economy. food staples and medicine are in short supply.
President Trump has signed new economic sanctions on Venezuela, banning the purchase of debt owed to Venezuela's government or its state-owned enterprises. The order follows President Maduro's contested election victory.
Venezuelan President Nicolas Maduro was re-elected to a second six-year term. Rival candidates have rejected the electoral process and called for new elections. The vote was marked by low turnout.
About a third of voters had cast their ballots by mid-morning, according to the government. With the main opposition boycotting the vote, President Nicolas Maduro is expected to win.
A group of countries from the Americas says it will scale down diplomatic relations with Venezuela after what it described as an illegitimate presidential election. The 14 states have pledged to recall their ambassadors.
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