Venezuela's Opposition Party Wins Majority Of National Assembly
Venezuela's opposition party has taken control of the National Assembly from the socialist party, a first since the 1990s. But what's the next move?By Ryan Biek, Grant Suneson | December 7, 2015
For the first time since the 1990s, Venezuela's opposition party has captured the majority in the National Assembly.
The party faces an uphill battle. The Venezuelan economy is largely dependent on oil, deriving 95 percent of its exports from oil and gas, according to OPEC. Dropping oil prices hit the country especially hard, causing hyperinflation and a 10 percent contraction in the country's economy.