The third minimum wage increase this year was announced on the eve of International Workers' Day and amid continuing opposition protests and calls for elections. Local elections may be held later this year.
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Venezuela in crisis
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With the latest wage increase and mandatory food subsidies, the minimum take home pay for millions of Venezuelans now stands at 200,000 bolivars a month or less than $50 (46 euros) at the widely used black market rate.
Venezuela President Nicolas Maduro announced a 60 percent increase in the country's minimum wage during his weekly television program "Sundays with Maduro." He also repeated his call for dialogue with the opposition and indicated state elections might go ahead later this year.
Venezuela on the brink
Venezuela is facing collapse amid multiple crises. DW takes a look at what has brought the oil-rich nation to its knees.
In March 2017, violent protests erupted across the country in response to a Supreme Court decision to strip the legislative branch of its powers. Amid an international outcry, President Nicolas Maduro reversed the decision, but it was too late. Thousands continued to take to the streets, calling for new elections. More than 100 people were killed in clashes with security forces.
Image: Getty Images/AFP/J. Barreto
Hunger, a growing problem
The violence added to the ongoing economic and political crisis in Venezuela. Many Venezuelans spend more than 30 hours a week waiting in lines to shop, and are often confronted with empty shelves when they finally enter a store. President Maduro blames the crisis on US price speculation. The opposition, however, accuses the Socialist government of economic mismanagement.
Image: picture-alliance/AA/C. Becerra
Health care in crisis
The crisis has even affected health care in the oil-rich nation. Venezuelans often head to Colombia to collect medical supplies to send home, as seen in this picture. Hospitals across Venezuela have compared conditions to those seen only in war zones. As patient deaths rise, health officials have sounded the alarm on the rise of malaria and dengue fever.
Image: picture alliance/dpa/M.Duenas Castaneda
Power grab
By July 2017, Venezuela's pro-government Constituent Assembly was established. For observers, it had all the hallmarks of a power grab. The new body adopted the authority to pass legislation on a range of issues, effectively taking away the powers of Venezuela's elected congress, which was under the opposition's control. The move drew wide international condemnation.
Image: picture-alliance/dpa/P. Miraflores
The West sanctions
In response to the political crisis, the United States and European Union imposed a series of sanctions against ruling officials. The US blacklisted members of the Constituent Assembly and froze all of Maduro's assets that are subject to US jurisdiction. The EU banned arms sales to the country.
Image: picture-alliance/dpa/AFP/T. Schwarz
Government victorious in regional elections
In October 2017, Venezuela held two votes: regional elections and elections for governors, which were long overdue. The opposition boycotted the vote, but then split, as some candidates and small parties chose to participate. This caused a deep rift within Maduro's opponents. The government went on to sweep the vote, which detractors say was unfair and heavily favored the regime.
Image: picture-alliance/AP Photo/A. Cubillos
Debt default
In November 2017, the oil-rich, cash-poor nation faced its day of reckoning. Credit ratings agencies declared Venezuela and its state-run oil company in "selective default." But Russia offered to restructure the South American country's debt to ensure Caracas pays its other creditors. US and EU sanctions, however, limited the chance of an agreement.
Image: picture-alliance/AP Photo/A. Cubillos
Presidential elections scheduled
The National Assembly announced in January 2018 that it would grant Maduro's call for snap presidential elections. The electoral authority, CNE, held the elections on May 20. The EU, the US and 14 Latin American nations warned that they would not recognize the results. The mainstream MUD opposition alliance boycotted the vote, leaving only one possible outcome.
Image: Getty Images/AFP/F. Parra
Maduro wins ...
Maduro was re-elected to a second six-year term with about 68 percent of the vote. Turnout was only 46 percent, according to electoral authorities. However, the MUD opposition alliance put turnout at less than 30 percent. The Organization of American States (OAS) called the elections neither free nor fair.
Image: picture-alliance/AP Photo/A. Cubillos
... Guaido assumes power
But weeks into the new year, the situation took a drastic turn. On January 23, 2019, parliament president Juan Guaido declared himself interim president of Venezuela — a move that was quickly recognized by US President Donald Trump. Maduro called it a US-backed "coup." Days later, the US sanctioned Venezuela's state oil firm, while Guaido staked his claim on the country's foreign assets.
Image: Imago/Agencia EFE
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Maduro also appeared to welcome an offer by Pope Francis for Vatican mediation which opposition leaders had rebuffed. "I respect what Pope Francis is saying," Maduro said.
"We're here to take care of the workers, those who are most humble, and not the privileges of the oligarchs," said Maduro on the day before May Day.
Maduro also announced an "economic war" bonus for retirees in order to make up for what he considered attempts by opponents to ruin the economy.
Social housing
Officials in several states handed over the keys to hundreds of new apartments on Sunday. Some of them had been built with Chinese funding. It brings the total number of public housing units built under the program started by the late President Chavez to 1.6 million.
Inflation in Venezuela jumped 255 percent in 2016 and is expected to increase 720 percent in 2017, according to the International Monetary Fund (IMF) and by over 2,000 percent in 2018. It is the highest rate of inflation in the world.
The announcements were made in the wake of weeks of violence involving pro-and anti-government protesters. At least 29 protesters have died so far, with more protests from both sides expected on Monday's May Day labor holiday.
State elections
Maduro signaled state elections could take place later this year. "I am anxious for an electoral process to be called," Maduro said on Sunday, adding that the election board (CNE) first needed to legalize political parties. "Then the CNE will fix the pending governor elections, for this year…Venezuela's problem is not that there won't be elections this year. Venezuela's problem is that an empire in extremists' hands wants to take our oil and carry out a coup."
The elections for the governors of Venezuela's 23 states were originally expected to take place in 2016. Maduro's United Socialist Party of Venezuela (PSUV) controls 20 states but opinion polls indicate the opposition would win most of them if elections were held. In December 2015 the opposition gained control of the National Assembly in an election landslide.
Opponents to Maduro have called for early general elections, as well as legislative and mayoral elections, which Maduro has rejected. The next presidential election is expected to take place in 2018.
Julio Borges, president of the opposition controlled National Assembly, said Sunday he would send a document to Pope Francis reaffirming the opposition's demands centered on general elections.