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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 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]
The Wall Street Journal said in January 2019 that economists place the blame for Venezuela's economy shrinking by half on policies of the Maduro administration, "including widespread nationalizations, out-of-control spending that sparked inflation, price controls that led to shortages, and widespread graft and mismanagement". [278]
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 ]
[6] [7] Intervention by the United States in Venezuela was criticized by allies of Nicolás Maduro and political figures from the left spectrum; [8] Maduro's government stated that the crisis was a "coup d'état led by the United States to topple him and control the country's oil reserves."
As of January 2019, the list had 200 people with a "close relationship and support for the Nicolás Maduro regime", but Krüger said the initial list could increase or decrease. [ 422 ] As the humanitarian crisis deepened and expanded, the Trump administration levied more serious economic sanctions against Venezuela. [ 419 ]
Venezuela became the eighth-most-important weapons importing country in 2011 according to the Russian Centre for the Analysis of the Arms Trade, surpassing Turkey and Pakistan. [164] As of 2012, Venezuela had about US$7.2 billion in debt for the purchase of weapons from Russia. [165]
The US government supported the 1971 coup led by General Hugo Banzer that toppled President Juan José Torres of Bolivia. [9] Torres had displeased Washington by convening an "Asamblea del Pueblo" (Assembly of the Town), in which representatives of specific proletarian sectors of society were represented (miners, unionized teachers, students, peasants), and more generally by leading the ...