President Nicolas Maduro conceded defeat of socialists in the latest parliamentary elections

In Venezuela, the opposition coalition Democratic Unity Roundtable has won a majority in parliamentary elections, according to Reuters. The opposition got 99 seats in the National Assembly from 167 possible. The ruling Socialist Party will get only 46 seats. Counting of votes is still continuing. The turnout was 74.25%.

It was the first victory of Venezuelan opposition in the elections in over the past 16 years, since Hugo Chavez has come into power in 1999. BBC reports that these elections are widely seen as a referendum on confidence in President Maduro, who was appointed by Chavez as his successor. The opposition accused the socialists of bringing the country to the economic crisis and the squandering of oil resources. Opinion polls predicted a victory of the opposition before the election amid growing frustration of the population due to lack of products in the retail sector, inflation and increase in crime.

Nicolas Maduro acknowledged defeat of his supporters in his address to the nation. According to him, the reason of his defeat is an economic war being waged against him.

The new opposition parliameny will have a right to release all political prosoners and introduce new economic reforms. However, it might definitely wreak havoc on economic, social and political achievements during the presidency of Hugo Chavez. Stable friendly relations with Russia and other Venezuelan allies are also at risk.