Venezuela suspended from Mercosur

The South American regional economic group (Mercosur) has notified Caracas that Venezuela's membership was suspended for violating the bloc's democratic principles.

Founding members Argentina, Brazil, Paraguay and Uruguay reached the decision to revoke the Mercosur membership of Venezuela, which is in the midst of an economic collapse despite holding the world's largest oil reserves.

Venezuelan Foreign Minister Delcy Rodriguez described Friday suspension as a coup attempt. She rejected the notion that Venezuela had failed to conform to the trade group's rules."Venezuela does not recognize the null action carried out under the law of the jungle taken by the officials who are destroying Mercosur," she said. In September, Mercosur had issued a three-month deadline for Socialist President Nicolas Maduro to restore human rights and press freedoms in Venezuela.