Economics
The U.S. Failed in Venezuela Last Time. It’s a Different World Now
- The coup in 2002 left U.S. embarassed and Chavez in power
- Maduro is buoyed by support from China, Russia and Turkey
Demonstrators march past a mural of the late Hugo Chavez during a pro-government rally in support of President Nicolas Maduro in Caracas, on Jan. 23.
Photographer: Marco Bello/BloombergThis article is for subscribers only.
When the U.S. rushed to endorse a military coup against Venezuelan President Hugo Chavez in 2002, it ended up with egg on its face. The self-styled leader of a “Bolivarian” revolution was back in office within three days -- and more anti-American than ever.
The decision by Washington to recognize National Assembly leader Juan Guaido as the nation’s legitimate president could see a repeat, if Chavez-heir Nicolas Maduro should cling onto power. But it takes place in a very different geopolitical climate, one where failure risks global repercussions.