Venezuelan opposition leader Juan Guaido declared himself as interim President and this prompted President Nicolas Maduro to break relations with the United States.
President Maduro has given a 72 hour ultimatum to US diplomats to leave the country, he spoke outside the Miraflores presidential palace in Caracas.
U.S. President Donald Trump formally recognized Juan Guaido shortly after his announcement and praised his plan to hold elections. Canada, Brazil, Colombia and many other Latin American nations supported this move.
With the take over of 35 year old Juan Guaido, Venezuela is in unchartered territory of an opposition led parallel government. Thousands of people have joined protests against the dictatorial President Nicolas Maduro policies.
Close to thirteen people were died in anti-government protests. Also many National Guard Soldiers have revolted against the government.
Venezuela has the world’s largest oil reserves, but is witnessing an economic collapse due to government corruption and social unrest. The hyperinflation in the nation has reached 13 million percentage mark.
The nation is witnessing a severe shortage on a the basic items such as medicine and food, and an estimated three million people have fled the country.