MOSCOW (Sputnik) — Venezuela assumed presidency in the bloc on July 1 amid concerns over growing discord in the country amid a political standoff between Venezuela's President Nicolas Maduro and the opposition-dominated parliament. Both Paraguay and Brazil have raised the possibility of blocking Venezuela's chairmanship due to what is being claimed to be a breakdown of democratic order in the country.
"The situation in Venezuela is deteriorating daily, here in Mercosur, we need a country that has internal stability and peace so it can face the challenges that we will have in the next half a year," Loizaga said, as quoted by the Venezuelan El Nacional newspaper.
Venezuela’s opposition has blamed Maduro for the economic crisis in the country, having gathered enough signatures in favor of a recall referendum.
Founded in 1991, Mercosur is a sub-regional economic bloc that includes Argentina, Brazil, Paraguay, Uruguay and Venezuela.