Can a negotiated settlement be reached in Venezuela?

On Thursday the US Secretary of State, Mike Pompeo proposed a new approach to the political crisis that continues to grip Venezuela.

In a statement, he called for ‘free and fair’ presidential and national assembly elections organised by a transitional government by the end of this year in order he said to find an “effective and sustainable route to peace and prosperity in Venezuela”. In doing so he appeared to set aside the previous hard line US policy of promoting dialogue only if it led first to the departure of President Maduro.

His brief statement would seem to imply that a year after recognising Venezuela’s Congressional opposition leader, Juan Guaidó, as interim president and declaring President Maduro illegitimate, Washington sees dialogue and diplomacy rather than isolation as the way ahead.