Venezuela Attempts to Balance Reform and Accommodation

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Issue Feb 18-24 2026: After the initial shock caused by the capture of Venezuelan ex-President Nicolás Maduro by U.S. military forces on January 3, a new reality quickly emerged in the country in which old systems of power gave way to a framework of rules and incentives that had previously been unimaginable, even as relations between the White House and Miraflores are closer than they have been in over 25 years.

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