Venezuelan Elections Bring New Hope But Will Anything Change?
Venezuela looks like it will have a new majority party for the first time since 1998, but will its leaders be able to correct the failing economy?By Grant Suneson | December 7, 2015
For the first time since the 1990s, Venezuela could have a major shift in political power. But it still might not be enough to pull the struggling South American nation out of its rut.
The Venezuelan economy is largely dependent on oil, deriving 95 percent of its exports from oil & gas according to OPEC. Dropping oil prices hit the country especially hard, causing hyperinflation and a 10 percent contraction in the country's economy.
Citizens are desperate for change, and the opposition party, Democratic Unity Roundtable, is polling well. It's projected to win a majority of the 167 parliamentary seats, according to Datanalisis. But the party is still facing an uphill battle. (Video via TeleSur)