Economy / Venezuela
Conceding Defeat?
November 2006 | Ratings UpdateVenezuela and Guatemala withdrew their candidacies for the non-permanent seat in the UN Security Council and gave their joint support to Panama on 1 November. The countries' decision resolved a 2-week deadlock in the UN General Assembly, as 47 ballots had not produced a clear winner. In our view, the episode is likely to strain relations between Guatemala (and its allies) and Venezuela for years to come. Furthermore, even though Venezuela was able to withdraw from the elections without suffering a direct defeat, there will be domestic repercussions for Chavez's failure to win the non-permanent seat for Venezuela. Manuel Rosales,
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