Maduro declares economic ‘emergency’

CARACAS: Venezuelan President Nicolas Maduro’s move to decree an “economic emergency” seeks to make the ascendant opposition share the political cost of the South American oil giant’s economic mess, analysts say.

The decree, which gives Maduro 60 days of extraordinary powers to combat a deep recession and triple-digit inflation, was issued Friday and now passes to the opposition-controlled National Assembly, which must approve it, reject it or demand changes within eight days.