One Man Rule

February 2007 | Risk Summary

President Hugo Chávez received unanimous backing from the National Assembly to rule by decree for the next 18 months. The move paves the way for Chávez to implement the reforms required to achieve his ideological ambition of "21st Century Socialism" in Venezuela, though quite what this entails remains something of a mystery. With no opposition to speak of, domestic politics should remain a stable business. In regional and international terms, Chávez's policies will continue to divide opinions, though with a wealth of oil revenues at his disposal, the president should continue to find allies for his "leftist revolution".

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