Whatever was left of democracy, and the rule of law, in Venezuela, is now totally gone, for yesterday the country's National Assembly has given President Nicolás Maduro the power to rule by decree, until the end of 2015. This absolute power, usually the province of a dictator, rather than an elected official, was reportedly granted as a response to the sanctions imposed upon seven prominent Venezuelan PEPs by the United States.
Without any checks and balances, from the legislature, and the court system, Maduro can now impose his will, on demand, upon any sector of the economy, and all foreign companies, and nationals, who are within his country. Such powers make Country Risk calculations meaningless, for there will be no redress available for the president's Acts of State, and individuals, and/or their wealth, can be seized without due process. Foreign investment may now become a thing of the past, unless you are an Iranian company. It is pure folly for foreign investors, or banks, to place, or to continue to hold, any sizable interest or investment in Venezuela, for you are at the mercy of Sr. Maduro and the inner circle of the Bolivarian Elite.
Many Venezuelans have moved to the Republic of Panama.Will the last middle-class person leaving Caracas remember to turn out the lights ? ( This assumes that the electricity is still working).