JUDY WOODRUFF: Venezuela's President Nicolas Maduro faces the most direct challenge to
his nearly-six years in power.
Today, as Nick Schifrin reports, the U.S. and more than a half-a-dozen other countries
recognized Juan Guaido, currently the head of Venezuela's National Assembly, as the country's
legitimate president.
NICK SCHIFRIN: On a stage in downtown Caracas, in front of a crowd of thousands, 35-year-old
Juan Guaido raised his right hand and administered his own oath of office.
JUAN GUAIDO, President, Venezuelan National Assembly (through translator): I swear to
formally assume the powers of the national executive as the president in charge of Venezuela.
NICK SCHIFRIN: Around the capital and country today, hundreds of thousands, perhaps millions
of Venezuelans rallied in support of Guaido and called for a change in government.
HILDA GONZALES, Opposition Protester (through translator): That is why we are here, to support
our National Assembly, the only legitimate power for the 14 million Venezuelans.
NICK SCHIFRIN: Nuns demanded freedom, and other protesters demanded President Nicolas
Maduro step down.
MARIA CONTRERAS, Opposition Protester (through translator): Your time is up, and your Cabinet's.
Understand this: Venezuela has outgrown you.
NICK SCHIFRIN: Venezuelans have protested before, but this time the usually fractured
opposition has a consensus leader.
Until recently, Guaido was relatively unknown.
But he has crisscrossed the country speaking against Maduro, asking for support from the
international community, and Venezuela's powerful military.
JUAN GUAIDO (through translator): We are not asking you to mount a coup, or to shoot.
On the contrary, we are asking you not to shoot at us, and defend together with us the
right of our people to be heard.
NICK SCHIFRIN: His calls have been heard.
On Monday, National Guardsmen posted cell phone videos declaring Maduro illegitimate
and calling for protests.
MIKE PENCE, Vice President of the United States: We say to all the good people of Venezuela,
estamos con ustedes.
NICK SCHIFRIN: Yesterday, Vice President Pence promised the U.S. would be with the protesters.
And today, in a statement, President Trump endorsed Guaido as interim president and said:
"The people of Venezuela have courageously spoken out against Maduro and his regime and
demanded freedom and the rule of law."
MOISES RENDON, Center for Strategic and International Studies: This is one of the most
historic days for Venezuelan modern history.
NICK SCHIFRIN: Moises Rendon is an associate director of the Center for Strategic and International
Studies.
He says Guaido's announcement today, and President Trump's endorsement, allows the U.S. to redirect
payments for Venezuelan oil, which accounts for 90 percent of Venezuela's GDP.
MOISES RENDON: Every single asset, every single bank account, every single contract, all the
management of this republic's assets will be transferred to the National Assembly and
to Juan Guaido.
NICK SCHIFRIN: But Maduro is pushing back.
Today, he cut off diplomatic relations with the U.S., and gave U.S. diplomats 72 hours
to leave the country.
NICOLAS MADURO, Venezuelan President (through translator): Do not trust the gringo empire.
The gringos do not have friends, nor are they loyal to anyone.
The gringos have interests, Venezuelan oil, Venezuelan gas, Venezuelan gold.
But, to that empire, we say that oil, that gas, that gold is not yours.
NICK SCHIFRIN: It was just two weeks ago Maduro was inaugurated and swore to build what he
called 21st century socialism.
But he has built an economic catastrophe.
Venezuela used to be Latin America's wealthiest country.
But Caracas residents have demanded access to a supermarket, even if the shelves were
empty because of a shortage of food.
Medical patients have protested a shortage of medicine.
And children play in the dark because of a shortage of power.
It's been an economic freefall, the product of falling oil prices and failed economic
policies.
Bills have became so worthless, women turned them into art.
Inflation could hit 10 million percent.
All of it sparked the region's largest ever exodus.
More than 3.5 million Venezuelans have fled their homes and created a humanitarian crisis
that increased regional criminality.
MOISES RENDON: It represents a humanitarian and a security crisis the region that is impacting
not only neighboring countries, but like the U.S. as well.
NICK SCHIFRIN: The U.S. has imposed sanctions on Maduro and his leadership.
U.S. officials say, depending on Maduro's response today, they could impose an oil export
embargo that would likely collapse the state.
Instead, U.S. officials hope Maduro heeds the protests, and the military withdraws its
support.
Maduro will fight, but he faces a perfect storm of economic pressure, international
condemnation, a popular opponent, and the mobilization of his own people.
For the "PBS NewsHour," I'm Nick Schifrin.