The move was a direct challenge to the power of President Maduro, who had been sworn in to a second six-year term in office just two weeks previously. Venezuela has been in the grip of an economic crisis for years now with hyperinflation one of the main problems. 'Terrorist act' at Iranian nuclear facility1, US soldier sues police over violent traffic stop2, Philip was my teacher, supporter and critic - Anne3, Jordan's royal family appear together after 'rift'4, New Brazil Christ statue to be taller than Rio's5, Cambodia criticises edited photos of victims6, Philip's funeral 'opportunity' to end royal 'rifts'7, When the Queen was snapped 'giggling' at the duke8, Lessons to be learnt over lobbying role - Cameron9, Prince Philip: A simple, family farewell10. The US has imposed sweeping sanctions on Venezuela and on Mr Maduro and his inner circle but they have failed to weaken Mr Maduro enough to drive him from office. The government has disputed the figures, saying they are inflated by "enemy countries". An anti-government protester walks near a bus that was set on fire by opponents of Venezuela's President Nicolas Maduro during clashes between rebel and loyalist soldiers in Caracas, Venezuela… ... and that’s exactly what has happened. Until recently Venezuela had been known for its oil, beauty queens, relaxed and happy people, and a President that loved Castro. Venezuela jails US oil executives for corruption, Venezuela opposition figure secretly flees country, Venezuela gold: Maduro wins in UK appeals court, Protests over fuel shortages spread in Venezuela, Venezuela accused of 'egregious' crimes by UN, Venezuelan leader 'pardons' political detainees, US offers $5m reward for Venezuela's chief justice, 'Terrorist act' at Iranian nuclear facility. Venezuela is an example of a decaying petrostate, where the government is highly dependent on income from fossil fuels, power is concentrated in an … They melted away … The controls meant that many Venezuelan businesses stopped production because they no longer made a profit, eventually resulting in shortages. Venezuela has been thrust into uncharted territory — with political tensions approaching boiling point ahead of two nationwide anti-government protests this week. Read about our approach to external linking. Explains What Happened In Venezuela. Mr Maduro's re-election was not recognised by the opposition-controlled National Assembly, which labelled Mr Maduro a "usurper" and argued that the presidency was vacant. Venezuela has had previous periods of economic downturn, but how has the current crisis gotten to this point? NPR's Ari Shapiro talks with Northwestern University's Daniel Lansberg-Rodriguez about what happened … In 1811, it became one of the first Spanish-American … Want an ad-free experience?Subscribe to Independent Premium. It is marked by hyperinflation, escalating starvation, disease, crime and mortality rates, resulting in massive emigration from the country. Read about our approach to external linking. The United Nations has accused the government of using a strategy of instilling fear in its population to retain power. 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This would be an unusual question to ask in most countries, but in Venezuela many want to know exactly that after opposition leader Juan Guaidó declared himself acting president on 23 January 2019. Subscribe to our channel to stay tuned for more videos explaining what is happening in the world. Venezuela's highest-ever oil production occurred in 1998 at 3.5 million barrels per day (BPD). The mass migration is one of the largest forced displacements in the western hemisphere. The economy in Venezuela isn't doing well. But inequality grew extreme. The government and the opposition do battle as ordinary Venezuelans weather an economic crisis. Your one-minute briefing on the crisis in Venezuela. Former President Bill Clinton made it his first stop on a trip to the region in 1997. Venezuela has been devastated by socialism, even though it was once a stable democracy and the richest country in Latin America. Video, Saving green turtles... by cooling their eggs, US soldier sues police over violent traffic stop, New Brazil Christ statue to be taller than Rio's, Cambodia criticises edited photos of victims, Philip's funeral 'opportunity' to end royal 'rifts', When the Queen was snapped 'giggling' at the duke, Lessons to be learnt over lobbying role - Cameron. Talks between the government and the opposition held in 2019 made no progress. © 2021 BBC. Some 120 people killed in … A dependence on oil caused economic turbulence, among other political issues. 1992 - Colonel Hugo Chavez and supporters make two coup attempts. Mr Maduro was re-elected to a second six-year term in May 2018 in highly controversial polls, which most opposition parties boycotted. Business news website Bloomberg has been tracking the price of a cup of coffee in the Venezuelan capital, Caracas, to show how prices have increased. Now it is the poorest nation in the Americas. Venezuela has the world's largest proven oil reserves and saw some success in reducing poverty, but now it's in a deep crisis. A woman wearing a protective mask waits in line to refill gasoline at a gas station with subsidized fuel in Caracas, Venezuela, June 7, 2020. The Crisis in Venezuela during the Bolivarian Revolution is an ongoing socioeconomic and political crisis that began in Venezuela on 2 June 2010 during the presidency of Hugo Chávez and has continued since. The country's oil-dependent revenues took a massive hit. News. It averaged just over $35 in 2016. Opposition lawmakers have been … Venezuela was a powerhouse of South America in the 1990s. When Mr Chávez became president in 1999, he promised, among other things, to drive down Venezuela's huge levels of inequality. Others have gone south to Brazil. Many in the media have blamed Venezuela’s worsening humanitarian crisis on corruption, mismanagement, falling oil prices, or U.S sanctions—anything but the rise of socialism in what was once the wealthiest country in South America. Not surprisingly, President Maduro did not take kindly to his rival's move, which he condemned as a ploy by the US to oust him. Venezuela's problems were not caused by socialism in the last decade. We never could have imagined…or prepped for…what happened in Venezuela. The security forces continue to be seen as the key player in this crisis. Venezuela used to be one of the wealthiest countries in the world. What happened? Many candidates had been barred from running while others had been jailed or fled the country for fear of being imprisoned, and the opposition parties argued that the poll was neither free nor fair. The BBC is not responsible for the content of external sites. Iran's top nuclear official says an incident at its Natanz site was "nuclear terrorism". They have so far remained loyal to Mr Maduro, who has rewarded them with frequent pay rises and put high-ranking military men in control of key posts and industries. Riots, martial law and general strike follow, with hundreds killed in street violence. What Is Happening in Venezuela? According to figures compiled by the United Nations, more than 5 million Venezuelans have left the country since the crisis started to bite in 2014. So what exactly is behind the crisis rocking Venezuela? Opposition lawmakers have been barred from standing for office, some have been arrested and others have gone into exile. Some of the problems go back a long time. Migrants fleeing Venezuela sell art made from nearly worthless Venezuelan currency. While he managed to reduce inequality during his time in power, some of the socialist polices he brought in backfired. 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