Venezuela's presidential elections have been postponed from April 22 to the second half of May, the National Electoral Council (CNE) said on Thursday.
Falcon once served as a top aide to the late President Hugo Chavez, but he later broke with the socialist party and joined the opposition, heading the minority Advanced Progressive party.
The US government imposed financial sanctions on Venezuela in August, prohibiting dealing in new debt for Venezuela or its state oil company PDVSA.
The pact was signed by representatives of the political organizations that nominated President Nicolás Maduro for his reelection, and by parties that support the opposition candidate Henri Falcón, Avanzada Progresista, Copei and the MAS.
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The 56-year-old former state governor believes he can win, even without the coalition's election machinery behind him, by taking advantage of widespread dissatisfaction with the ruling socialists over a fifth year of grueling recession.
The CNE said the poll would now be held on 20 May. "If a bank somewhere in the world works with Venezuela, they feel they are going to be sanctioned", said Arreaza.
Falcon, who announced his candidacy on state television, did so in defiance of the MUD whose leaders said last week they would boycott elections, calling them a "fraudulent, illegitimate" process.
Falcon, a former military officer, styles himself a center-leftist, seeking to combine business-friendly economic policies with strong social welfare programs.
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Opposition lawmaker Simon Calzadilla said the coalition's demand for more electoral guarantees remains firm, despite Falcon's decision.
It is also not clear whether the delay will ease pressure on the Venezuelan government.
Maduro says Venezuela's election system is clean, and accuses the United States of leading a right-wing global conspiracy to end socialism and take over his nation's oil.
The election has been widely criticized by countries throughout Latin America and the USA, which has hinted at expanding sanctions if the vote takes place.
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