US Secretary of State Rex Tillerson said in Buenos Aires on Sunday that an extension of sanctions against the South American state was under consideration.
"This is under study, it's under consideration," Tillerson said. "We've had exchanges in Mexico City, we've had exchanges today about it, and I think the point being that all of us in the region want to see Venezuela return to its constitution," said Tillerson, who is on a six-day trip to Argentina, Colombia, Panama, Peru, Mexico and Jamaica.
"We can no longer stand by and watch the destruction of Venezuelan democracy," he added, also calling for democratic elections and a "peaceful transition" to solve the country's political and economic crisis.
"The US wants free, fair, and verifiable elections in Venezuela," he said.
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Venezuela on the brink
The last straw
Violent protests erupted across the country following a Supreme Court decision in late March to strip the legislative branch of its powers. Amid an international outcry, President Nicolas Maduro reversed the decision, but it was too late. Thousands have since taken to the streets to call for new elections. They show no signs of stopping.
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Venezuela on the brink
Worth less than the paper it's printed on
As of March, Venezuela's inflation rate surpassed 220 percent, according to the Johns Hopkins Institute for Applied Economics. The country's largest bill - the 100 bolivar note - was worth just $0.04 at the end of last year. Shopping trips now require stacks, or even bags, of cash to buy the bare necessities.
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Venezuela on the brink
Starvation a growing problem
An estimated 80 percent of food items and other basics were in short supply by last year. Venezuelans spend more than 30 hours a week waiting in lines to shop, and are often confronted with empty shelves when they finally enter a store. President Maduro blames the crisis on US price speculation. The opposition, however, accuses the government of economic mismanagement.
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Venezuela on the brink
Health care crisis 'reminiscent of war zones'
In Colombia, Venezuelans are collecting medical supplies to send home, as seen in this picture. Hospitals around the country have compared conditions to those seen only in war zones. As patient deaths rise, health officials have sounded the alarm on the rise of malaria and dengue fever.
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Venezuela on the brink
Running on empty
Electricity blackouts and fuel shortages have also driven Venezuelans to desperation. Despite Venezuela's possession of the world's largest oil reserves, drivers face long lines at the gas pump. A 50-percent collapse in oil prices in 2014 devastated the oil-dependent economy. In 2013, revenues were $80 billion. That figure dropped to $20 billion by 2016, according to IMF figures.
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Venezuela on the brink
The roots of the economic crisis
Lower poverty rates, better education and health, and economic growth: These are all part of the legacy of Venezuelan leader Hugo Chavez, who died in 2013. Equally part of the socialist's legacy was mismanagement. Not only did he fail to keep the state oil company up to date under increased government control, but his government also overspent despite a drop in oil production after 2006.
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Venezuela on the brink
Maduro continues legacy
Chavez's hand-picked successor, Nicolas Maduro, has been in office for four years and has two more to go. The opposition center-right coalition, which has controlled the National Assembly since 2015, has accused him of "abandoning his post" by failing to stem the economic devastation. It has also denounced him for rights abuses.
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Venezuela on the brink
Government cracking down on opponents
From the governor of Miranda to the mayor of Venezuela's capital Caracas, authorities have attempted to quash anti-government protests by arresting its opposition leaders. Venezuelan authorities have detained Leopoldo Lopez, Antonio Ledezma and Henrique Capriles, considered the face of the opposition movement.
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Venezuela on the brink
Opposition far from finished
Aside from protests, the opposition collected 2 million signatures for a referendum last year, roughly 10 times the number required. And in a move against the Supreme Court - and in lieu of impeachment hearings - it also held a symbolic trial for Maduro. Numerous attempts to stymie its efforts to pressure the government have only emboldened these lawmakers.
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Venezuela on the brink
Spinning out of control
Since the outbreak of explosive protests in April, scores of people have died and hundreds more have been injured. Rights campaigners say police have arrested thousands. Meanwhile, the government has pushed through with the election of an all-powerful constituent assembly, which critics are afraid will cement Maduro's grasp on power.
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Venezuela on the brink
Venezuela's National Assembly seizes power from opposition-led congress
Venezuela's pro-government constituent assembly has adopted the authority to pass legislation on a range of issues affecting security and sovereignty, effectively taking away the powers of the country's congress, which was under the opposition's leadership. During its first session, the National Assembly fired former top prosecutor Luisa Ortega, who subsequently fled to Colombia.
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Venezuela on the brink
Westerns powers slap sanctions Venezuela's ruling officials
In response to the ongoing political crisis, the United States and European Union have imposed a series of sanctions against ruling officials. The US has blacklisted members of the Constituent Assembly and frozen all of Maduro's assets that are subject to US jurisdiction. The EU, meanwhile, has banned arms sales to the country and is lining up to freeze assets and impose travel restrictions.
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Venezuela on the brink
Debt default looms
In November, the oil-rich, cash-poor nation faced its day of reckoning, as officials met with creditors to hammer out a deal to keep the country from defaulting on its debt — estimated to be up to $150 billion. US and EU sanctions, however, have limited the chance of an agreement. Whatever the consequences of a default, creditors will almost certainly go after the country's oil reserves.
Author: Kathleen Schuster
Crisis ongoing
Venezuela has experienced triple-digit inflation, food and medicine shortages and protests over the last 12 months that have seen 120 people killed in clashes between protestors and govenment forces.
The situation intensified after President Nicolas Maduro's attempts last year to alter the constitution, with critics claiming the proposed reforms would in effect allow the executive to bypass parliament.
In late January the National Election Council was authorized to set an exact date for the next presidential election after the Constituent Assembly — a body dominated by Maduro's supporters — approved plans for an early vote. The election will now take place before April 30, seven months ahead of schedule — a move seen by critics as allowing Maduro to take advantage of disunity among the opposition.
Follow the money
"One of the aspects of considering sanctioning oil is what effect would it have on the Venezuelan people, and is it a step that might bring this to an end, to a more rapid end?" Tillerson asked.
"Not doing anything to bring this to an end is also asking the Venezuelan people to suffer for a much longer time," the US' top diplomat added.
The US, the main consumer of oil exports from Venezuela, and the European Union last year imposed sanctions on over 50 individuals linked to the Maduro regime.
Venezuela has the world's largest oil reserves and is the third-largest supplier to the US.
Tillerson said he also wanted to find ways to mitigate the negative effect sanctions would have on US oil companies, Venezuelans and other regional countries that rely on Venezuelan oil.
Support from Argentina
Tillerson urged Argentinian Foreign Minister Jorge Faurie to take tougher action against the Maduro government.
Speaking at a joint press conference with Tillerson, Argentine Foreign Minister Jorge Faurie said Argentina did not recognize "the political process and authoritarian deviation of Venezuela," nor the assembly. He also said Argentina was against the restrictions on freedoms and bans imposed on opposition leaders under Maduro's government.
"We're always closely following the situation in Venezuela, which has now drifted toward a health and humanitarian crisis of extraordinary proportions," Faurie said.
jbh/jm (AP, dpa, Reuters)
