Venezuela's opposition deals electoral blow to ruling Socialists

Venezuela's opposition won control of the legislature from the ruling Socialists for the first time in 16 years on Sunday, giving them a long-sought platform to challenge President Nicolas Maduro.

Election board head Tibisay Lucena said the opposition Democratic Unity coalition won 99 seats to the Socialists' 46 in the 167-national National Assembly with some districts still to be counted. When she finished speaking, fireworks went off in pro-opposition districts of Caracas.

Maduro, 53, quickly acknowledged the defeat, the worst for the ruling "Chavismo" movement since its founder Hugo Chavez took power in the South American OPEC nation in 1999.

"We are here, with morals and ethics, to recognize these adverse results," Maduro said in a speech to the nation, although he blamed his defeat on a campaign by business leaders and other opponents to sabotage the economy.

"The economic war has triumphed today," Maduro said.

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His quick acceptance of the results eased tensions in the volatile nation where the last presidential election in 2013, narrowly won by Maduro, was bitterly disputed and anti-government protests last year led to 43 deaths.

Opposition leaders, who have lost over and over since Chavez's first election victory 17 years ago, were jubilant, even though their victory was mainly thanks to public disgust at Venezuela's deep economic recession.

"We're going through the worst crisis in our history," coalition head Jesus Torrealba said. "Venezuela wanted a change and that change came ... a new majority expressed itself and sent a clear and resounding message."

In addition to decisions over the budget, the opposition could seek amnesty for dozens of jailed activists including hardline leader Leopoldo Lopez.

"I'm so happy," said Lopez's beaming wife, Lilian Tintori, who has become a prominent campaigner for the opposition.

Without a two-thirds majority of 112 seats, however, they will likely be unable to shake up other institutions such as the courts and electoral council, widely viewed as pro-government.

Maduro's term is due to end in 2019, but Sunday's election could build momentum within the opposition to push for a recall referendum next year if it garners the nearly four million signatures needed for that.

Since Maduro's predecessorChavez died in 2013, Venezuela's economy, which relies heavily on crude oil exports, has descended into crisis. With inflation thought to be in triple digits, vast lines outside supermarkets owing to shortages of basic goods and an 80 per cent collapse of the currency on the black market, it is the economy that turned many away from the government.

Underlining the depth of feeling, videos circulating online seemed to show five prominent socialist politicians including Chavez's brother Adan being booed at voting centres on Sunday, with crowds yelling "the government will fall!" or "thief!"

"I voted because we want a change in this country. We're bored of so many queues, food shortages, a minimum wage that doesn't get us anywhere," said Cristobal Jesus Medina Chacon, a 27-year-old engineer who arrived at his voting station in the western city of San Cristobal at 4 a.m.

Experts say both dysfunctional state controls and the plunge in oil prices are behind Venezuela's economic demise. South America's left-wing bloc, dominant for over a decade, has lost some of its clout this year. Centre-right opposition candidate Mauricio Macri won Argentina's presidential election last month, ending 12 years of leftist governments, and Brazil's leftist President Dilma Rousseff is battling impeachment for alleged corruption.

Supporters of Venezuela's government continued to chant slogans in the streets late into Sunday night as they waited for official results.

One, however, said the results should be respected even if they were unfavourable.

"That's democracy," said Gloria Torres, 54, an administrator who organized prayer vigils for Chavez when he was dying. "We're Chavistas and the fight continues."