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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 ...
The 1970s were boom years for oil, during which the material standard of living for all classes in Venezuela improved. This was partly due to the ruling AD and COPEI parties' investing in social welfare projects which, because of the government's oil income, they could do without heavily taxing private wealth. [ 2 ]
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]
During the Spanish American wars of independence, the United States was officially neutral but permitted Spanish American agents to obtain weapons and supplies.With the reception of Manuel Torres in 1821, the Gran Colombia (present-day Panama, Colombia, Ecuador, northern Peru, Venezuela, western Guyana and northwest Brazil) became the first former Spanish colony recognized by the United States ...
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 ...
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 2015, Venezuela had over 100% inflation—the highest in the world and the highest in the country's history at that time. [36] According to independent sources, the rate increased to 80,000% at the end of 2018 [ 37 ] with Venezuela spiraling into hyperinflation [ 38 ] while the poverty rate was nearly 90 percent of the population. [ 39 ]