Venezuela's Congress Grants Nicolás Maduro Power to Rule by Decree

Nicolás Maduro, President of Venezuela

THE DAILY TELEGRAPH: Decree powers will strengthen the embattled leader's hand as he goes after businesses the government accuses of sabotaging Latin America's biggest oil economy

Venezuelan MPs have granted President Nicolas Maduro year[-]long decree powers that he says are essential to regulate the economy and stamp out corruption but adversaries view as a thinly veiled power grab.

Hundreds of supporters of the ruling Socialist Party cheered outside the National Assembly as the so-called Enabling Law was passed, while a recording of Mr Maduro's late predecessor, Hugo Chavez, singing Venezuela's anthem rang out inside the hall.

Though winning the decree powers hands Mr Maduro a political victory in the runup to Dec. 8 municipal elections, he still faces a severely distorted economy with embarrassing product shortages and inflation surging to nearly 55 percent.

"With this Enabling Law we are following an order by President Chavez," said Diosdado Cabello, president of the National Assembly and a staunch supporter of Mr Maduro.

"He told us to pass all the laws necessary to wring the necks of the speculators and the money launderers." » | Reuters | Wednesday, November 20, 2013