Landslide election victory for Venezuela’s opposition

Latin America as whole has been grappling with an economic slowdown.

Venezuelan President Nicolas Maduro speaks to the media following a meeting with United Nations chief Ban Ki-moon in NY on July 28, 2015.

When the results were announced soon after midnight, fireworks were set off in celebration in pro-opposition districts of Caracas while government supporters dismantled planned victory parties.

In a nationally televised broadcast from the presidential palace of Miraflores, Maduro quickly acknowledged the defeat.

The country was still waiting for final election results Monday, uncertain about how big an advantage the opposition will have in the National Assembly. Many seemed stunned win.

Some opposition figures caution that the result has more to do with anger at Venezuela’s woes than an embrace of the opposition. “Venezuela, we move forward with more hope and more commitment”, she said on Twitter. “Nicolas definitely did not understand what occurred today in our Venezuela and what our people said with your vote”.

In addition to decisions over the budget, the opposition could seek amnesty for dozens of jailed activists including hardline leader Leopoldo Lopez. That also led to a thriving black market economy, where re-sellers offer everything for a higher price. If it manages to gain more than 111 seats, the coalition would wield enough power in the legislative body to dismiss Supreme Court Judges, reform the Constitution and convoke a recall referendum of the national executive without having collected the minimum quota of signatures required by the Bolivarian Constitution.

Voter turnout was a shocking 74%, levels normally seen in presidential voting, as Venezuelans punished Maduro’s government for a plunging currency and triple-digit inflation that almost collapsed the economy.

Jesús Torrealba, the head of the opposition coalition, said: “Change has started today in Venezuela”.

“We’ve lost a battle, but the fight to build socialism and a new society is just beginning”, Maduro said, according to the Venezuela’s El Universal.

The opposition victory deals a serious setback to the socialist revolution launched by Chavez, who until his death in 2013 had an almost-magical hold on Venezuela’s long-excluded masses.

But a long road lies ahead – the opposition are likely to have to share power with President Maduro, meaning they’ll find it hard to push for change. Foreshadowing the historic win, several ruling party governors were caught on film braving boos and insults as they entered their polling places.

The opposition in Venezuela won legislative elections on Sunday December 6.

In a cryptic address late Sunday night before results were announced, Defense Minister Gen. Vladimir Padrino stood with the top military command and congratulated Venezuelans for peacefully fulfilling their civic duty, but in a departure from tradition under Chavez, made no statements in support of the Maduro government.