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How to solve a problem like Venezuela? The Latin American country has been in decline for decades, with an authoritarian government isolated from Washington and international financial markets, a divided opposition and an economy that's suffered the deepest depression in modern history. More than 5 million Venezuelans have left the country, creating what's considered the Western Hemisphere's worst humanitarian crisis. Venezuelan migrants wait for food at a United Nations camp in Colombia. Photographer: Federico Rios/Bloomberg U.S sanctions imposed by the Trump administration have crippled the economy further and reduced its export revenue by an astonishing 99%, according to government figures. Against all odds, President Nicolas Maduro not only resisted the shocks but now appears emboldened. "We are real. We have a clear thinking. A clear doctrine, a clear program," Maduro said in an 85-minute interview with Bloomberg Television's Erik Schatzker in Caracas. The opposition is fractured between Juan Guaido, recognized by the U.S. as Venezuela's legitimate leader, and his main competitor, Henrique Capriles, who's more open to dealing with Maduro. Yet behind his bravado, Maduro has been making some concessions to the opposition along with economic reforms including allowing dollars to circulate, liberalizing the foreign exchange market and letting private companies flourish. During the interview, he pleaded with international companies to invest: "Venezuela is going to become the land of opportunities." Maduro is also trying to persuade U.S. President Joe Biden to ease the "cruel" sanctions and come to the negotiating table. For Maduro, the immediate challenge is to convince Washington to engage so he avoids being left on the White House's back burner. So far, his outreach has not been answered. — Juan Pablo Spinetto

Maduro speaks during the interview in Caracas. Photographer: Gaby Oraa/Bloomberg Click here for this week's most compelling political images and tell us how we're doing or what we're missing at balancepower@bloomberg.net.

Global Headlines

Falling short | While global leaders say they want decisive action on tackling climate change at a crunch UN summit this year, the behind-the-scenes arguing among Group of Seven delegates shows just how far they have to go. Biden and Italian Prime Minister Mario Draghi were among those whose governments fell short at the G-7 summit as other leaders in the group pushed for more ambitious goals, sources say. The Bank of Japan surprised investors by joining other central banks with a measure to support climate change mitigation. With his summit with Russian President Vladimir Putin behind him, Biden's focus shifts to China. Far-right advance | As France prepares to hold regional elections starting Sunday, Thierry Mariani is leading the race to take control of the area around Marseille, France's second-most populous city, and the French Riviera. Should he win, Ania Nussbaum writes, it would show the less hardline message being adopted by Marine Le Pen's far-right movement is gaining support, with a presidential vote due in April. Own goal | Three years after heralding an end to authoritarian rule and with plans to open up Ethiopia's economy to foreign businesses, Prime Minister Abiy Ahmed is alienating allies and frightening investors. Reforms the once-feted Nobel Peace Prize laureate began implementing in 2018 have sparked ethnic clashes and a civil war in its northern Tigray region that has spawned a famine. Hidden issue | With females aged between 45 and 54 making up 11% of the workforce in G-7 nations, governments and companies are increasingly taking action on something that drives scores of women out of the workforce each year — menopause. As Lizzy Burden writes, menopause-related productivity losses plus costs to the healthcare system could put the global price tag above $810 billion a year. Prolonged talks | Negotiations in Vienna aimed at reviving Iran's 2015 nuclear deal with world powers are now likely to extend well into the summer, two senior Western sources say. Yet the expected victory in today's presidential election by conservative Ebrahim Raisi may not derail the talks, given they've been blessed by Supreme Leader Ayatollah Ali Khamenei. Sponsored Content Southern California Edison is leading the charge for clean, more renewable energy. We're a national leader in solar delivery. We're striving to cut emissions from buildings and freeways. And we proudly support the fastest growing green jobs in the nation. Southern California Edison What to Watch Prime Minister Boris Johnson's Conservatives suffered a shock defeat in a special parliamentary election to the Liberal Democrats in a wealthy district northwest of London that had been a stronghold for the U.K.'s ruling party. The European Union lifted travel restrictions for U.S. residents, the latest step toward a return to normalcy despite concerns over the spread of potentially dangerous coronavirus variants. Sweden's prime minister, Stefan Lofven, is battling an onslaught from parties from all sides united in their bid to topple him in a no-confidence motion scheduled for Monday. North Korean leader Kim Jong Un said he's ready for "both dialogue and confrontation," offering an opening for talks as Biden's new nuclear envoy heads to the region to build support for a strategy toward Pyongyang. The U.S. Supreme Court rejected the latest Republican attack on the Affordable Care Act, preserving a landmark law that provides health insurance to 20 million people. Pop quiz, readers (no cheating!). Which company is facing renewed scrutiny in Washington over its compliance with secret Trump-era subpoenas for data on more than 100 users? Send your answers to balancepower@bloomberg.net. And finally ... Chinese authorities summoned food delivery mogul Wang Xing to a meeting and warned him to keep a low profile, after he posted a controversial millennium-old poem regarded by many as implicit criticism of the government, a move that had convulsed markets and sparked a social media furor last month. The founder of China's third-largest tech corporation, Meituan, has not been seen or heard in public beyond a brief appearance for the company's quarterly earnings call in May. Wang Xing in 2018. Photographer: Anthony Kwan/Bloomberg

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