02:54 GMT +319 September 2019
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    Venezuela’s President Nicolas Maduro

    Venezuelan Parliament May Accelerate Resignation of President Maduro

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    The Venezuelan parliament could accelerate the launch of the resignation procedure of the country's president, Nicolas Maduro, Speaker of the National Assembly of Venezuela Henry Ramos Allup said Friday.

    MEXICO CITY (Sputnik) — According to the constitution, such a procedure could be launched after half of Maduro's presidential term, meaning that a referendum on the issue could take place after April 19, 2016.

    "As the crisis is accelerating due to corruption and failures of governance, the procedure [of resignation] should be accelerated," Ramos said as quoted by the local NTN24 news portal.

    The conflict between the president and the opposition-controlled parliament escalated Thursday, when Venezuela's Supreme Court recognized validity of the presidential decree on the introduction of a state of economic emergency in the country, rejected by the parliament in January.

    Venezuela is suffering harsh economic crisis since up to 96 percent of Venezuela’s budget depends on oil revenues, drastically decreased due to low oil prices on the world market. According to the local authorities, in 2015 Venezuela’s economy contracted by 5 percent.

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