Venezuela high court sides with Maduro on economic decree

Venezuela's Supreme Court declared that President Nicolas Maduro's request for special powers to tackle the country's deep economic crisis was legal, dismissing the opposition-controlled legislature's vote against it.
The court said in a ruling published on its website that the decree had entered into force, granting the socialist president expanded authority over the moribund economy for 60 days, as lawmakers had not followed the proper procedures to reject it.
Last month's rejection of the decree by the National Assembly in the oil-rich, cash-poor South American country thus "does not affect its legitimacy, validity, entry into force and legal effect," the court said.

The opposition, which took control of the legislature in early January for the first time in 17 years, charges that Maduro has packed the court with his allies, as the political standoff between the two sides has dragged on.
Venezuela is suffering from crippling shortages of basic goods and an inflation rate that is the highest in the world at 140 per cent.
It has the world's biggest known crude oil reserves but the price of oil has plunged over the past year and a half, slashing its revenues.

The decree gives Maduro's administration special temporary powers to take over private companies' resources, impose currency controls and enact "other social, economic or political measures deemed fitting."

The government says the plan would allow them to reach agreements with the private sector to stimulate production, but Maduro's opponents say it is a smokescreen for expropriations.
Lawmakers yesterday urged Maduro to launch an international appeal for "humanitarian aid" to help stave off the threat of famine posed by the shortages.