Venezuelan president pledges new tack on economic woes

Venezuelan President Nicolas Maduro pledged new policies to tackle the country's economic crisis on Saturday, days after his party lost general elections.

"2016 is going to be a year of renewal," Maduro told a traditional end-of-year ceremony in honor of the armed forces. His speech was broadcast nationwide on TV and radio.

Venezuela will generate new methods of governing and new social and economic policies that will overcome afflictions instigated or aggravated by the political opposition, Maduro said.

The pledge to change follows Dec. 6 parliamentary elections that saw the ruling Socialist party lose its leadership in Congress as the conservative camp won a "super majority."

The resounding defeat was blamed on widespread discontent with soaring prices and shortages of basic goods, which Maduro has in turn blamed on the right's "unconventional warfare" against the state.

In addition, the plummeting prices of oil, Venezuela's main export and revenue generator, has dealt a hard blow to the economy. Endi