That's All Folks!
I've been saying for some time that Venezuela's President Maduro is a political demagogue and it would seem that voters now agree because his ruling United Socialist Party has been soundly beaten in elections to the National Parliament.
President Maduro will remain in office until the next presidential elections in 2019, but his ability to act as an elected dictator with the ability to bypass parliament has now been ended and rightly so.
Now the socialists in Venezuela have not been all bad, of course, and the party brought about some important changes in education policy and provision, for example.
But like so many 'leftist' parties Venezuela's socialists became increasingly idealogical and have come unstuck after trying to build a personality cult around their former leader Hugo Chavez who hand-picked Maduro as his successor.
So it will take a while yet, but it won't be too long before President Maduro exists the political scene have driven the economy of oil-rich Venezuela into the ground.
Venezuela election: Maduro's Socialists trounced
BBC Latin America & Caribbean
The opposition in Venezuela has won a majority of seats in the National Assembly, overturning nearly two decades of dominance by the Socialists of President Nicolas Maduro.
Five hours after polling ended, the National Electoral Council announced the opposition had won 99 seats.
President Maduro has admitted defeat, recognising "these adverse results".
It is the worst-ever defeat for the leftist movement founded by former leader Hugo Chavez in 1999.
The Socialists have gained 46 seats, with another 22 yet to be declared.
Results arrived much later than expected, five hours after polls closed. Fireworks erupted over the capital, Caracas, soon after.
Among the campaign issues were chronic food shortages of staples - such as milk, rice, coffee, sugar, corn flour and cooking oil.
Venezuela's troubled economy
- 100%+ inflation level for 2015
- -10% shrinking of GDP in 2015
- -6% projected 2016 downturn
- 18.1% projected 2016 unemployment rate
Source: IMF, World Bank
Reuters
Venezuela has been hit hard by the continuing low price of oil, its main export. It also has the continent's highest inflation rate.
Mr Maduro has blamed the situation on an "economic war" waged by the opposition.
Reuters
Venezuela has been hit hard by the continuing low price of oil, its main export. It also has the continent's highest inflation rate.
Mr Maduro has blamed the situation on an "economic war" waged by the opposition.
The reaction
Image copyright - ReutersImage caption - Henrique Capriles once ran for the presidency
"The results are as we hoped. Venezuela has won. It's irreversible," tweeted (in Spanish) Henrique Capriles, a leading opposition figure in the Democratic Unity Roundtable and a former presidential challenger.
"Venezuela wanted a change and that change came. A new majority expressed itself and sent a clear and resounding message." - Jesus Torrealba - opposition coalition chief.
What happens now?
The opposition alliance, made up of centrist and conservative parties, is confident of ultimately taking at least 112 seats after 16 years of socialist control.
According to senior figures in the alliance, that would allow them to pass laws allowing the release of political prisoners and to reverse, for example, appointments to senior legal positions made by the current government, says the BBC's Wyre Davies, in Caracas.
Image copyright - AFP/Getty Images - Image caption - Nicolas Maduro conceded in a live televised address
"We have come with our morals and our ethics [intact] to recognize these adverse results, to accept them and to say to our Venezuela that the constitution and democracy have triumphed.
"We have lost a battle today, but the struggle to build a new society is just beginning." - Nicolas Maduro, Venezuela's president and head of the United Socialist Party of Venezuela.
"We have come with our morals and our ethics [intact] to recognize these adverse results, to accept them and to say to our Venezuela that the constitution and democracy have triumphed.
"We have lost a battle today, but the struggle to build a new society is just beginning." - Nicolas Maduro, Venezuela's president and head of the United Socialist Party of Venezuela.
Image copyright - ReutersImage caption - Henrique Capriles once ran for the presidency
"The results are as we hoped. Venezuela has won. It's irreversible," tweeted (in Spanish) Henrique Capriles, a leading opposition figure in the Democratic Unity Roundtable and a former presidential challenger.
"Venezuela wanted a change and that change came. A new majority expressed itself and sent a clear and resounding message." - Jesus Torrealba - opposition coalition chief.
What happens now?
The opposition alliance, made up of centrist and conservative parties, is confident of ultimately taking at least 112 seats after 16 years of socialist control.
According to senior figures in the alliance, that would allow them to pass laws allowing the release of political prisoners and to reverse, for example, appointments to senior legal positions made by the current government, says the BBC's Wyre Davies, in Caracas.
Image copyright - ReutersImage caption - Humberto Lopez, a Venezuelan Che Guevara impersonator, reacts to the ruling party's defeat
It also gives stronger momentum to the opposition should it wish to call a referendum on Mr Maduro's future. This could take place only when his presidency reaches its halfway point in April next year.
However, under Venezuela's presidential system the United Socialist Party of Venezuela (PSUV) will still be a powerful force, as it controls many municipalities.
The next presidential election is due in April 2019
It also gives stronger momentum to the opposition should it wish to call a referendum on Mr Maduro's future. This could take place only when his presidency reaches its halfway point in April next year.
However, under Venezuela's presidential system the United Socialist Party of Venezuela (PSUV) will still be a powerful force, as it controls many municipalities.
The next presidential election is due in April 2019
Why does the result matter?
- It is the first time in 16 years that the PSUV is not in control in Congress - a serious blow to its socialist revolution
- At 74.3%, voter participation was high, suggesting a sizeable proportion of the population backed change
- The opposition will pose a serious challenge to the government's power to pass legislation
- Jailed opposition leaders could be released if the opposition makes good on its promise to pass an amnesty law
- It is another blow to left-wing policies in Latin America, coming two weeks after a centre-right candidate won in Argentina's presidential poll
