Increasingly Isolated Venezuelan President Begins New Term

Venezuelan President Nicolas Maduro began a new term on Thursday with the economy in ruins and his regime more isolated than ever as regional leaders declared his re-election illegitimate and shunned his inauguration, reports AFP. 

The 56-year-old socialist leader was sworn in by Supreme Court president Maikel Moreno as an audience of hundreds, including a handful of South American leftist leaders and Venezuela's military top brass, cheered and applauded.

"I swear on behalf of the people of Venezuelan ... I swear on my life," Maduro said solemnly as he took the oath of office for a second six-year term.

After donning the presidential sash -- as well as a ceremonial gold chain bearing the key to the sarcophagus containing the remains of Venezuela's revolutionary leader Simon Bolivar -- an ebullient Maduro turned to salute the crowd with a V-sign.

Maduro was re-elected last May in voting boycotted by the majority of the opposition and dismissed as fraudulent by the United States, European Union and Organization of American States (OAS).

"The US will not recognize the Maduro dictatorship's illegitimate inauguration," national security advisor John Bolton tweeted Thursday.

Canada slammed Maduro for transforming his country into a "fully entrenched dictatorship".

In a special session in Washington, the OAS similarly backed a resolution declaring Maduro's government illegitimate.

"Venezuela is the center of a world war with US imperialism and its satellite governments," the socialist leader retorted in a rambling speech which lasted around two hours.

He also demanded "respect" from the EU, accusing the bloc of "old colonialism" and "old racism" after it said Thursday that Maduro "lacked any credibility".