Why in News:

• The Maduro-Guaidó stand-off is deepening Venezuela’s economic distress

Details:

• Venezuelan Opposition leader Juan Guaidó has been trying to oust President Nicolas Maduro for months.
• the U.S., which has recognised him as Venezuela’s President, supported his bid. A few soldiers broke ranks with the military and joined him, along with tens of thousands of protesters who battled for two days with police and government supporters. This was the third major attempt by Mr. Guaidó to seize the government.
• the U.S. has imposed sanctions on top Venezuelan government officials and the state-run oil company PDVSA on the calculation that these would make the already battered Venezuelan economy worse, rendering Mr. Maduro even more unpopular.
• It is evident that Venezuela is going through serious political and economic crises. Governance has broken down, with state institutions at war against one another.
• Inflation is sky-high, food and medicine are scant, and millions have fled the country owing to its economic woes.
• Repeated attempts by Mr. Guaidó to win over the military have failed.
• The way forward is not further clashes, but mutual talks aimed at resolving their differences and giving primacy to rebuilding both the economy and the governance system.
• If they continue on the path of confrontation, Venezuela will be in permanent crisis.