Escalating Violence in Venezuela Amid Ongoing Demonstrations

Violence has escalated in Venezuela's capital, Caracas, as demonstrations against President Hugo Chavez continue, leaving at least two people dead and dozens injured. The confrontations, which began over a month ago, have severely impacted the country's economy, with analysts warning that Venezuela may default on its foreign debt service if the turmoil persists. Meanwhile, the government is struggling to maintain oil production, with estimates suggesting losses of approximately $35 million per day.

Key Takeaways:

• At least two people were killed and dozens injured in clashes between opposition demonstrators and government supporters in Caracas.
• The violence has severely impacted Venezuela's economy, with oil production at low levels and estimated losses of $35 million per day.
• Analysts predict Venezuela may default on its foreign debt service if the turmoil continues through January.
• The government is trying to import oil workers from Algeria to boost production.
• President Chavez has ignored calls for his resignation and new elections, despite meeting with officials from the Organization of American States.
• The civil impasse has pressured the world price of oil and weakened the Venezuelan currency.
• Opposition leaders have urged a tax boycott to further cripple the government.

Statistics:

• At least 2 people killed (Source: Newspapers and CNN)
• Dozens injured, including 7 police officers (Source: Newspapers and CNN)
• Estimated losses: $35 million per day in oil revenues (Source: The New York Times)
• Oil production: 150,000 to 800,000 barrels per day (Source: The New York Times)
• Government popularity rating: above 30 percent, largely due to support among the 80 percent of the population classified as poor (Source: CNN)
• Tax boycott urged by opposition leaders (Source: CNN)

Sources:

• Newspapers (no specific date mentioned)
• CNN (no specific date mentioned)