Venezuela Constituent Assembly ratifies Nicolas Maduro as President

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The bank doesn't trade those Venezuelan bonds now, but opted to formally ban them anyway.

Portugal's foreign minister said recently his country always defines its position based on "what is more beneficial and what is more harmful" to the 500,000 Portuguese living in Venezuela.

WATCH Inside Story: Venezuela: New beginnings or more of the same?

Venezuela's government is continuing to crack down on opponents with an order to arrest a fifth opposition mayor who has been promoting protests against President Nicolas Maduro.

The text states that Maduro "has fully complied with all his constitutional duties and obligations" and that he is also "a fundamental support" for the Constituent Assembly's decisions, reports Efe news.

The legislative body was voted into power in an election at the end of July and allows the government to rewrite legislation, though critics argue the result was illegitimate and an attempt by Maduro to cling onto power.

Handling Venezuelan debt has become an extremely divisive issue.

"Undoubtedly, this process represents a valuable lesson that makes Venezuela a symbol for our continent", the Cuban leader said in a letter to his Venezuelan counterpart, Nicolas Maduro.

Though the two countries are longtime allies, some in the Maduro opposition now say Russian Federation is exploiting Venezuela's problems to gain permanent leverage over the country.

The developments fuelled tensions that have been flaring in Venezuela for the past four months.

Two conclusions one might draw from this epic disconnect are the United Kingdom government is not as concerned with human rights as official rhetoric so frequently suggests - and many countries are charged with human rights abuses not out of genuine outrage, but political motives. Credit Suisse banned the PDVSA bond because Goldman Sachs purchased it in May - drawing the ire of Venezuelans.

The offer comes in the wake of new USA sanctions and threats.

The opposition coalition, a grouping of around 30 disparate parties called the Democratic Unity Roundtable, has been struggling with how to keep pressure on Maduro, whom it wants to see ousted through early elections.

Venezuela called the meeting hosted by Peru, "an affront to Venezuela's sovereignty".

Experts say individual sanctions have had little or no impact on Maduro's policies and that broader oil-sector and financial sanctions may be the only way to make the Venezuelan government feel economic pain.

Chacao has been the epicenter of demonstrations against Maduro and Muchacho's video could help breathe new life into the protest movement.