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The economic downturn of Venezuela

  • Hugo Chavez election

    Hugo Chavez election
    Hugo Chávez was elected as the youngest president in the history of Venezuela.
  • Chavéz new constitution

    Chávez introduces a new Constitution that extends his mandate and strengthens the executive branch while reducing the influence of the National Assembly.
  • Oil price drop

    a Venezuelan barrel was priced at 126 dollars. Since then, prices have fallen by more than 50% and at the close of yesterday stood at $ 60.32 per barrel. Faced with this bad run, not even the Government rules out the use of international reserves and binational funds to finance the country's internal and external spending, since current oil production will not be enough to sustain these commitments.
  • Chavez death and Maduro's election

    Hugo Chávez dies of cancer at the age of 58. Three days later, on March 8, Nicolás Maduro was named interim president of Venezuela.
  • Protests against the government

    Massive opposition-led protests take place amid a weakening economy and a rise in crime in the country.
  • Supreme court removal of powers

    The Supreme Court strips the National Assembly, which has an opposition majority, of power. Opposition leaders say the move is comparable to a coup.
  • Constitution changes

    Maduro announces that he has signed an executive order that paves the way for constitutional changes that will reform the legislature and redefine its executive powers.
  • Maduro's re-election

    Maduro won the re-election, although most democratic countries in the region refuse to recognize him as president.
  • Crisis

    hyperinflation, general prices increase by at least 50% from one month to the next and, according to figures from the National Assembly, monthly inflation in November 2018 was 144.2%, daily 3%, and interannual 1,299,724%.
  • Juan Guaido interim president of Venezuela

    Juan Guaido interim president of Venezuela
    Juan Guaido, president of the National Assembly, declares himself interim president of Venezuela in the middle of the protests against the government. Following Guaidó's announcement, the US and more than 50 countries recognize him as the legitimate president.
  • Sanctions

    The United States sanctions the state oil company of Venezuela. Guaidó asks the British authorities to prevent Maduro from withdrawing the gold from the country that he has in the central bank of the United Kingdom.
  • Protests

    The attempt to enter humanitarian aid from Colombia into Venezuela led by the opposition causes violent outrages on the Colombian border. Maduro closed the borders and broke diplomatic relations with Colombia. A blackout leaves more than 70% of the country without electricity. Government officials claim the blackout was caused by an act of sabotage In the first 20 hours of the outage, at least four people die in hospitals.