Venezuela is teetering on the verge of chaos after President Nicolas Maduro ordered a state of emergency.

Maduro announced a full-blown state of emergency across the country on Friday, expanding on a more limited "economic emergency" he had declared in January. He also ordered military exercises over the weekend, to counter alleged plans for what he called "armed intervention." The extent of the decree is to be published on Monday.

Maduro said the measures, which initially apply for three months, will likely be extended through 2017. He threatened to take over private factories which have stopped production and jail their owners.

"The vast majority of businessmen in this country are producing and are willing to work, nobody here is whining. That's why I say, whoever wants to sabotage this country should leave this country. And whoever does it to sabotage the people, we should put them handcuffs and take them to prison," Maduro said.