EM Country Briefing
Venezuela: Chavismo goes on in tight election results

The National Electoral Council announced in its first preliminary bulletin but with an
already “irreversible trend” that Mr Nicolas Maduro from PSUV has obtained the most
votes in this Sunday’s elections. The results are much tighter than originally expected
with Mr Maduro obtaining 50.66% of the votes and Mr Capriles 49.07%. Mr Capriles did
not concede in his first public appearance and demands a recount in what may add
volatility to market performance. If these results hold and are made official in the next
days “Chavismo” continues but Mr Maduro inherits a country with several urgent
repairs from a macro perspective that when added to the tight electoral results are not
likely to make governance easy.