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It is the worst economic crisis in Venezuela's history, and the worst facing a country in peacetime since the mid-20th century. The crisis is often considered more severe than the Great Depression in the United States, the 1985–1994 Brazilian economic crisis, or the 2008–2009 hyperinflation in Zimbabwe. [5]
In December 1992, the Los Angeles Times focused on the possible causes of the attempted coups in Venezuela, noting the recession in Latin America and corruption in the government. [32] The Los Angeles Times stated that the coup attempts could also be the efforts of corrupt Venezuelan officers seeking take over the government and make money from ...
On 9 August 1994, Banco de Venezuela became the tenth bank bailed out by the Venezuelan government during the crisis, with the government taking a majority stake for an estimated at US$294m. [6] In total, between January 1994 and August 1995 17 of the country's 49 commercial banks, as well as some subsidiaries, failed - representing 53% of the ...
The Coordinadora Democrática, led by the business federation Fedecámaras and the trade union federation Confederación de Trabajadores de Venezuela (CTV), called for a fourth paro cívico, which turned out to be the most serious, and is known as the 2002–2003 oil strike, to begin on 2 December 2002. The opposition also called a recall ...
In November, ten more government officials were added to OFAC's list of Venezuelans sanctioned after the regional elections; [36] the U.S. Treasury Department described the individuals as being "associated with undermining electoral processes, media censorship, or corruption in government-administered food programs in Venezuela". [37]
Venezuela, [c] officially the Bolivarian Republic of Venezuela, [d] is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea. It comprises an area of 916,445 km 2 (353,841 sq mi), and its population was estimated at 29 million in 2022. [18]
Along the way, they would raid military bases in the socialist country and ignite a popular rebellion that would end in President Nicolás Maduro’s arrest. Authorities in the U.S. and Colombia ...
During the 20th century, "Venezuela was a haven for immigrants fleeing Old World repression and intolerance" according to Newsweek. [2] Emigration began at low rates in 1983 after oil prices collapsed, though the increased rates of emigration, especially the flight of professionals, grew largely following the Bolivarian Revolution which was led by Venezuelan president Hugo Chávez. [33]