International

Sanctions and elections on table at Venezuela talks

AFP

Venezuela’s government and opposition will restart talks in Mexico with sanctions, political prisoners and elections on the table, but not the future of President Nicolas Maduro.

Talks in the Dominican Republic in 2018 and Barbados a year later failed to produce a breakthrough in disputes centred on Maduro and Juan Guaido, the opposition leader recognized as the rightful president by about 60 countries.

“This process is more elaborate and better constructed than the previous ones,” a source close to the Norway-mediated dialogue told AFP.

An organizational meeting is planned for Friday while the official start of the talks is set for August 30.

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“We have made a set of demands and we hold firmly to them: first of all, the immediate lifting of all the criminal sanctions,” said Maduro, referring to the raft of international measures imposed on himself and top government officials, including a US oil embargo against the state oil company PDVSA.

The opposition led by Guaido wants guarantees over electoral conditions and a clear program for presidential elections, as well as freeing political prisoners, including former legislator Freddy Guevara, who was detained just before talks began.

“There could be a softening of certain sanctions (and) on themes such as political prisoners and the institutional recognition of the opposition,” said Luis Vicente Leon, the director of pollsters Datanalisis.

– ‘Nothing to offer’ –

Guaido declared himself Venezuela’s president in 2019 through his position as parliament speaker.

The opposition-dominated parliament had claimed Maduro’s 2018 re-election was fraudulent, a view shared by the European Union and United States.

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That led to a raft of new sanctions against the government at a time when Venezuela was gripped by the worst economic crisis in its modern history: eight years of recession and four years of hyperinflation have decimated an economy that has lost 80 percent of its value since 2014.

Despite the rival presidential claims, Maduro never lost control of the country’s institutions, in particular the armed forces, while Guaido was replaced as parliament speaker after the opposition boycotted legislative elections in December.

Neither Maduro or Guaido will attend the talks, but the government holds most of the cards.

“The opposition has nothing to offer” other than “the relationship with those that do, which is the international community,” said Leon.

“The opposition can make requests and incorporate it into the negotiations but the decisions will be made by the countries” that have imposed sanctions on Maduro.

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The European Union, US and Canada have shown they are open to revising the sanctions if they see significant progress towards “credible, inclusive and transparent” elections, added Leon.

– ‘Not on the ropes’ –

The Mexico process follows a domestic negotiation, which resulted in the liberation of some political prisoners and the replacement of some electoral authorities — moves that were well received in Brussels and Washington.

“The conditions are in place for an agreement to be reached if there is the will from both parties,” said Pedro Benitez, a columnist and university professor.

Having boycotted the last legislative and presidential elections, the opposition has shown signs it is prepared to contest mayoral and gubernatorial polls in November.

Benitez believes that with the regional elections on the horizon, these talks in Mexico could “give back to the people trust in the vote” as long as “whoever wins, the victory is recognized.”

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What is sure, though, is that Maduro is going nowhere.

“Maduro is not on the ropes,” said Leon. “Is he affected? Yes. Are there sanctions? Yes. Does he want to resolve them? Yes … Is he on the brink of leaving power? No.”

Leon added there is little chance the opposition will succeed in its demand to bring forward the 2024 presidential election.

International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.