Military officers who had been dismissed for participating in the April coup began organizing street protests, and a general strike began on Dec. 2 to demand that Chavez resign. Photographer: Paula Bronstein/Getty Images. Chavez is jailed — but not forgotten by many grateful Venezuelans. The number of Venezuelans fleeing escalating crime, hyperinflation and food shortages reached 3 million in what became the worldâs largest migration crisis in recent years. Perez was impeached in 1993 for embezzling from a presidential discretionary fund. Chavez, who came to power in the wake of an oil crash that decimated Venezuelaâs traditional parties, ramped up political patronage to a degree the country had never seen when crude prices suddenly began to soar again. 2001 Venezuela held a referendum to approve a new constitution extending the presidentâs term to six years and reducing Congress to a unicameral National Assembly. While international observers including the Carter Center endorsed the results as fair, opposition leaders claimed fraud and went on to boycott elections for governors and mayors later that year, giving Chavezâs party near-total control of state governments. Venezuelaâs coat of arms, before (left) and after Chavezâs redesign. During Chavezâs first months in office, when low oil prices made his government reliant on international capital markets, he often displayed pragmatism and political moderation. the venezuelan revolution. Fresh out of jail, Chavez traveled to Cuba to meet President Fidel Castro for the first time in what would evolve into the island nationâs most relevant political alliance. Distrustful of state-owned oil company PDVSAâs top management, Chavez began stacking the board with loyalists, prompting an outcry from the companyâs existing management. Chavez hugs his daughters after spending three weeks in Cuba for treatment. After Chavez stood firm, he eventually regained control of the oil company and gradually restored production. Chavez started plowing rising oil revenue into a host of social outreach programs, known a missions, to provide education, medical services and subsidized food to low-income communities. Photographer: Eric Vandeville/Gamma-Rapho via Getty Images. Photographer: Pedro Ruiz/Gamma-Rapho via Getty Images, Castro visits Venezuela on his 75th birthday. In short, taking Venezuela back to the relative prosperity it enjoyed for much of the 20th century will be no easy task. Photographer: Juan Barreto/AFP/Getty Images. United World International. Make educational timelines or create a timeline for your company website. He was shipped to Spain and died in jail. Second stage Photographer: Ramon Sahmkow/AFP/Getty Images, A PDVSA technician takes a sample of crude oil from a well in Morichal. Chavez began campaigning against Henrique Capriles at a time that polls showed the two contenders in a dead heat. Photographer: Leo Ramirez/AFP/Getty Images. Exxon Mobil Corp. and ConocoPhillips refused to accept the new terms and went to international arbitration, while other producers that included Chevron Corp. and Norwayâs Equinor ASA reached deals with the government. During a trip to the U.S., he rang the closing bell at the New York Stock Exchange, and his administration even held formal talks with the IMF until oil prices rose enough to let the government rule out the need for any financial assistance. Nicolas Maduro addresses a campaign rally in San Juan de los Morros. His chosen successor, Nicolas Maduro, replaced patronage with repression and persecution. Pedro Carmona, briefly Venezuela's president, stands with a guard in Caracas on April 12. Chavez fired his electricity minister amid a mounting crisis in the countryâs highly subsidized power industry, which had been suffering blackouts. Photographer: Juan Barreto/AFP/Getty Images. The establishment of the Supreme Caracas Junta following the forced deposition of Vicente Emparan as Captain General of the Captaincy General of Venezuela on April 19, 1810, marked the beginnings of the war. Years later, when oil prices were on a tear, Chavez started offering oil to Caribbean nations at preferential terms under a program known as Petrocaribe to gain influence in the region. The Venezuelan patriot José Antonio Páez leads a rebellion in 1826 demanding independence for Venezuela. Below is a timeline on how Venezuela’s political crisis has evolved since the death of socialist leader Hugo Chavez, against a backdrop of hyperinflationary economic … Photographer: John van Hasselt/Sygma via Getty Images. Chavismo has left the country mired in poverty and hyperinflation and led to the near collapse of its all-important oil industry. 1829-30 - Venezuela secedes from Gran Colombia. The King of Spain is overthrown by Napoleon. Lopez remained under arrest, blocking him from participating in any elections, which drew criticism from the international community and undermined support for Maduroâs increasingly autocratic administration. Chavez supporters rally in Mariara to kick off his campaign. Young firebrand leaders like Simón Bolívar and José Félix Ribas were actively speaking of making a clean break from Spain. Venezuelans wait in line to enter a government-run grocery store. 1810 - Venezuelan patriots take advantage of Napoleon Bonaparte's invasion of Spain to declare independence. Photographer: Andrew Alvarez/AFP/Getty Images. Photographer: Leo Ramierz/AFP/Getty Images. His supporters called his program of reforms and revolution in Venezuela the Bolivarian Revolution. People write messages of support on the RCTV building on May 24. Riots broke out across the country and lasted a week, and the government responded by imposing martial law. Photographer: Ronaldo Schemidt/AFP/Getty Images. Posted by Chavez shakes hands with Russian Prime Minister Vladimir Putin in Moscow. Bolívar becomes governor of Puerto Cabello, a key city. A Chavez billboard is displayed at a petrochemical plant. Chavezâs rise to power coincided with the collapse of Cubaâs main patron, the Soviet Union, which led to economic hardship. Chavez meets with Saddam Hussein in Baghdad. A Timeline of the Venezuelan Crisis. However, the earthquake of 1812 hit the revolutionary center and forced de Miranda to surrender, angering Bolívar. The disputed results triggered protests that turned violent and claimed seven lives. The mass exodus has created social tensions in neighboring countries, including Colombia, which is hosting more than a third of the migrants. However, the earthquake of 1812 hit the revolutionary center and forced de Miranda to surrender, angering Bolívar. Photographer: John van Hasselt/Corbis via Getty Images, Workers on an oil production platform in Lake Maracaibo. Sporadic power outages in the capital and other major cities were increasing just as the worst drought in 50 years was curbing output at the nationâs biggest hydroelectric dam, aggravating the crisis. But much of the military and the population were still with Chavez, and a countercoup was quickly launched. Photographer: Federico Parra/AFP/Getty Images. Photographer: Luis Acosta/AFP/Getty Images. The result was a booming black market for dollars and shortages of the basic goods being sold at a loss under price controls. In addition, Venezuelan President Nicolas Maduro gave the staff of the Colombian Embassy in Caracas 24 hours to leave Venezuela. The hugely popular programs helped Chavez win re-election campaigns and improved living standards. Photographer: Juan Barreto/AFP/Getty Images. His days may be numbered. Hugo Chavez led the first attempt and, while in prison, inspired the second attempt months later. Photographer: Luis Camacho/AFP/Getty Images, A hearse carrying the late president leaves the Military Hospital on March 6. 1749 - First rebellion against Spanish colonial rule. A loading complex for oil tankers at Puerto Jose. More than 60 nations refused to recognize the results, setting the stage for National Assembly President Juan Guaido to declare himself the head of state when Maduroâs first term ended in January 2019. Students demonstrate against Chavez's proposed constitutional reform. If Maduro manages to remain in power with the support of the military, the country will likely continue its descent into a pariah stateâa tropical version of Syria under Bashar al-Assad. The 2018 Venezuelan protests began in the first days of January as a result of high levels of hunger by desperate Venezuelans. The Mercal food market is inaugurated on April 23, 2003. Fresh off a landslide re-election victory and with an oil boom bankrolling social programs at home and oil diplomacy abroad, a confident Chavez traveled to the United Nations and positioned himself as Washington's leading critic among global leaders. Opposition to Chavez remained strong at PDVSA, even after the coup, with career professionals accusing the government of undermining the companyâs history of meritocracy. Photographer: John van Hasselt/Corbis via Getty Images, Photographer: John van Hasselt/Sygma via Getty Images, Chavez campaigns in Carupano. 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, on Tuesday, April 30, 2019. Source: Venezuelan govt, ENCOVI, IMF, and Bloomberg. Chavez and NYSE Chairman Richard Grasso ring the closing bell. Photographer: Pedro Rey/AFP/Getty Images. A group of Venezuelan Creoles boldly proclaimed their country an independent republic in 1797. The succeeding government would need foreign financing to revamp the oil industry. How to make a timeline? Venezuela's coat of arms, before (left) and after Chavez's redesign. The Spanish are driven out of Bogota. Soldiers loyal to President Carlos Andres Perez lie in an entrance room of the Presidential Palace after rebels attack. 1810 - Venezuelans take advantage of Napoleon's invasion of Spain to declare independence. However, his efforts to set up an independent administration in Caracas ended when fellow conspirators handed him over to the Spanish. Still, Capriles said the election wasnât balanced, due to Chavezâs institutional advantages. One of his first moves as president was to visit fellow OPEC nations and promote unified action to reduce global oil supplies and lift depressed prices. Photographer: Bertrand Parres/AFP/Getty Images, Hugo Chavez speaks to reporters after he is freed from jail. A Chavez billboard is displayed at a petrochemical plant. President William Lara of the Venezuelan National Assembly takes the oath of office, along with the new, 165-member National Assembly. Revolutionary Unity dissolves. Chavez supporters rally in Mariara to kick off his campaign. Despite the vast resources, Venezuelaâs production remains a fraction of Saudi Arabiaâs. Photographer: Jose Cohen/AFP/GettyImages. Two drones packed with explosives were launched during a military parade in Caracas in an alleged attempt to assassinate Maduro. Photographer: Leo Ramierz/AFP/Getty Images, Leopoldo Lopez with a National Guard escort after turning himself in on Feb. 18. The rewriten constitution gave Chavez an opening to glorify his hero, Latin American liberator Simon Bolivar, by tacking the word "Bolivarian" onto the name of the country, which became the Bolivarian Republic of Venezuela. Show full text. Maduroâs iron-fisted rule has allowed him to remain in charge of whatâs become a failed state. Chavez jokes with Sean Penn during Pennâs visit to the Miraflores presidential palace in 2012. Students demonstrate against Chavezâs proposed constitutional reform. People wait in line to withdraw money from an ATM in Caracas on Nov. 14, 2017. Photographer: Luis Robayo/AFP/Getty Images. Photographer: Juan Barreto/AFP/Getty Images. Photographer: Dmitry Kostyukov/AFP/Getty Images. Photographer: Adalberto Roque/AFP/Getty Images, President Fidel Castro of Cuba greets Chavez in Havana. Photographer: Carlos Becerra/Anadolu Agency/Getty Images. Although their effort failed, it forewarned of the revolutionary movements that were soon to inflame Latin America.. During the time he served, he presided over the "Bolivarian Revolution," a socialist revolution in Venezuela. Shots broke out, and by evening 19 people were dead, including both supporters and opponents of the government. The moves eventually backfired by crippling domestic production and leaving the country more reliant on imports. Bolívar is elected as President, Create professional timelines & roadmaps in minutes. Venezuelaâs economic fortunes have been tethered to the price of oil for most of the countryâs modern history, a dependency that only worsened after a charismatic former paratrooper named Hugo Chavez took office in 1999. The attack came three months after the arrests of some high-ranking members of Venezuelaâs armed forces who were accused of plotting a coup against Maduro ahead of the presidential election. Guaido attempted to bring humanitarian aid from neighboring countries in what Maduro lambasted as an attempt to overthrow his government. -Napoleon overthrew King Lewis the 18t. In his first electoral defeat in nine years, Chavez lost a referendum that would have amended the 1999 constitution to abolish presidential term limits and end the central bankâs autonomy. He quickly focused on other parts of the economy: Venezuela wound up nationalizing more than 1,000 companies during Chavez's 14 years in office. Photographer: David Rochkind/Getty Images, The Mercal food market is inaugurated on April 23, 2003. Well, it's easy as toast! Bolívar puts Miranda in charge of Patriot army. The coup and the oil strike also pushed Chavez farther from the U.S. and closer to Washingtonâs political rivals, including Cuba and Iran. The Bolivarian project has failed to provide for Venezuelan citizens on the political, social and economic fronts. Venezuela has a long history of constitutional reforms. Bolívar then assumed leadership of the revolution. Photographer: Carlos Becerra/Bloomberg. Unlike his response to the previous election, Capriles refused to concede and demanded a recount, citing irregularities he said had impacted hundreds of thousands of votes. Photographer: Federico Parra/AFP/Getty Images, Voters wait outside a polling station. He went as far as accepting local products such as bananas or sugar in exchange for oil. Photographer: Adalberto Roque/AFP/Getty Images. Photographer: Dmitry Kostyukov/AFP/Getty Images, Chavez shakes hands with Russian Prime Minister Vladimir Putin in Moscow. Photographer: Carlos Becerra/Anadolu Agency/Getty Images, Cash sits in a bin at a produce market in Caracas in 2016. Photographer: Kimberly White/Getty Images, Venezuelans wait in line to enter a government-run grocery store. An anti-government protester walks near a bus that was set on fire by opponents of Venezuelaâs President Nicolas Maduro during clashes between rebel and loyalist soldiers in Caracas, Venezuela, on Tuesday, April 30, 2019. National Assembly employees remove pictures of Chavez on Jan. 6, 2016. Photographer: Juan Barreto/AFP/Getty Images, President William Lara of the Venezuelan National Assembly takes the oath of office, along with the new, 165-member National Assembly. 1812 - 1814. Oil prices tumbled in 1998 in the wake of the Asian financial crisis, worsening Venezuela's economy in an election year. He would die in office in 2013. Chavez was restored to office shortly after his ouster, and Carmona fled the country. A mural reads â15 August, Say Yes to Change and to Venezuelaâ before a recall referendum is held. What never emerges is the fact that such threats began from the first day of the revolution. Still, hundreds soldiers on parade panicked and fled in an episode that embarassed the regime. Castro visits Venezuela on his 75th birthday. Photographer: Luis Camacho/AFP/Getty Images. With Venezuela at the cusp of a full-blown revolution, many questions are still left unanswered. Photographer: Spencer Platt/Getty Images. Chavez did manage to remove term limits through a more limited referendum approved by voters in 2009. People wait in line to withdraw money from an ATM in Caracas on Nov. 14, 2017. Photographer: Pedro Rey/AFP/Getty Images. Venezuelan War of Independence Timeline. Photographer: Luis Robayo/AFP/Getty Images, Venezuelan migrants who crossed from Colombia walk along the Pan-American Highway in Ecuador on their way to Peru. Bolívar and Company (Revolutionists) fight for New Granada (Venezuela) and defeat Spanish forces. Chavez won the presidency in 1998 calling for new relations between the socioeconomic classes of Venezuela and a new constitution. The Battle of Carabobo against the Spanish is won and Venezuela is independent. Photographer: Juan Barreto/AFP/Getty Images. Amid rising turmoil after electoral authorities derailed a recall vote against Maduro the previous year, Maduro called for a Constituent Assembly to rewrite the constitution in a blatant effort to undermine the opposition-controlled National Assembly. Bolívar refused to give up but resorted to look for local guerilla leaders to aid his side. Maduro blamed opposition leaders for the attack and claimed that "hired assassins" had been trained in Colombia and offered $50 million to kill him. More:Venezuelan President Nicolas Maduro, ... Chávez launched the Bolivarian Revolution, which performed "missions" and social programs for the country. Chavez took his first major step at censoring media critics when the government let television station RCTVâs license expire after 53 years. The global financial crisis sent oil prices plunging at a time when Venezuelaâs influence in OPEC had faded. The spending was ultimately unsustainable and poverty returned with a vengeance after oil prices crashed in 2014. With the economy in disarray and oil production collapsing, Maduro said he would seek a restructuring of foreign debt at a time when U.S. sanctions against Venezuela made it difficult to negotiate with creditors. Chavezâs initial success at using the oil windfall to reduce poverty made him popular throughout the developing world and a darling among left-wing celebrities, including Danny Glover, Oliver Stone and Michael Moore. February 12, 2019 February 12, 2019 / By Reals Project / Education. Maduro defeated Capriles by the narrowest margin for a Venezuelan presidential election since 1968 and inherited a country crippled by galloping inflation and shortages of consumer goods. Chavez died at a military hospital in Caracas. Timeline of the Venezuelan Revolution. Chavez went on to undergo four rounds of chemotherapy in Cuba and Venezuela, and in October he declared he had beaten cancer. On February 23, Venezuela broke diplomatic and political relations with Colombia. A Timeline of Venezuela’s Economic Rise and Fall By Peter Millard , Cindy Hoffman , Marisa Gertz and Jeremy C.F. Source: Majority World/UIG via Getty Images, A loading complex for oil tankers at Puerto Jose. Hundreds, if not thousands, died in the rioting, crippling Perezâs political capital and inspiring Chavez to plot an overthrow. The U.S., Canada and Brazil swiftly recognized Guaido as the legitimate head of state, while Russia, China and Cuba voiced support for Maduro. Venezuelaâs biggest business federation of labor unions called a general strike in April to support the oil companyâs autonomy. Photographer: David Rochkind/Getty Images. 1994 - 1998 Chavez forms a new political party and is elected president. Venezuela declares independence from Spain. Bolívar puts Miranda in charge of Patriot army. Photographer: Paula Bronstein/Getty Images, Almost 1 million protesters march in Caracas on Dec. 20, 2002. Throughout the war, Bolívar fights against all royalists supporting France. He won with 56 percent of the vote and began his term in 1999 with a strong mandate for change. First stage 1830 - Venezuela separates from Gran Colombia and becomes an independent country with Caracas as its capital. Source: Majority World/UIG via Getty Images. Pedro Carmona, briefly Venezuelaâs president, stands with a guard in Caracas on April 12. Guaido declared himself interim president at a rally in Caracas just weeks after Maduro began his second term. The government pegged the local currency to the dollar and set price controls for basic goods in an attempt to contain capital flight and inflation following the two-month strike. Workers on an oil production platform in Lake Maracaibo. Venezuelaâs oil industry had never fully recovered from the extended oil strike; for years, the country had been producing below its official production quota. A burnt aid truck near the border in Cucuta, Colombia on Feb. 23, 2019. Most of the opposition joined a boycott of the vote, while government workers were coerced to turn out amid reports of fraud. He’s a well-known supporter and critic of the Venezuelan revolution under former president Hugo Chávez. Spain wants Venezuela to remain loyal despite Ferdinand VII being captured by the French. Military defectors freed Guaido's mentor Leopoldo Lopez from home arrest and they jointly led protests outside a military base in Caracas that turned violent. President Fidel Castro of Cuba greets Chavez in Havana. Venezuela longed to be out from under the thumb of the Spanish Empire, and in 1806 a revolutionary by the name of Francisco de Miranda lit the initial flame for that cause. Photographer: Pedro Ruiz/Gamma-Rapho via Getty Images. Chavez speaks at the United Nations General Assembly in New York City. Photographer: Juan Barreto/AFP/Getty Images. Prominent businessman Pedro Carmona, who had helped organize the general strike, named himself president, detained Chavez, and dissolved the National Assembly. The following year, he nationalized CANTV, Venezuela's biggest phone company, and the utility Electricidad de Caracas as his administration moved farther leftward. Photographer: Fernando Llano/AP. He was one of the main organizers of the World Social Forum 2006 that took place in Caracas. Venezuelaâs central bank stopped regularly releasing economic data, including economic growth, inflation and public spending. Bolívar becomes the face of the revolution. Photographer: Eric Vandeville/Gamma-Rapho via Getty Images, A standoff between soldiers and civilians amid rioting in Caracas. Russia offered Venezuela $1 billion in credit to purchase weapons in a sign of its growing influence in Caracas. Chavezâs bare-knuckles presidential campaign demonizing Venezuelaâs two traditional political parties was well received in a country weary of endemic corruption and economic decline. Two coup attempts in 1992 further weakened Perez and set the stage for his impeachment a year later. The Venezuelan War of Independence (1810–1823) was one of the Spanish American wars of independence of the early nineteenth century, when independence movements in Latin America fought against rule by the Spanish Empire, emboldened by Spain's troubles in the Napoleonic Wars. Chavez visited Saddam Hussein in Iraq during the OPEC tour, drawing ire from the U.S. and positioning himself as one of Washingtonâs most vocal critics. Chavez ramped up social spending during the campaign, helped by billions of dollars in oil-backed loans from China, and won by a comfortable yet narrower margin than in previous elections. The brain drain of educated professionals would need to go into reverse to staff everything from hospitals to oil rigs. University students who were unaffiliated with Venezuelaâs opposition parties played a crucial role in defeating the initiative. A hotel in Caracasâs electricity is shut off after it fails to reduce its energy consumption. Chavez was ousted shortly be a coup in 2002 but returned to power after a few days. The Second Venezuelan Republic fell in mid-1814 and Bolívar once again went into exile. Timetoast's free timeline maker lets you create timelines online. Photographer: Ramon Sahmkow/AFP/Getty Images. The following year, the National Assembly called for a recall referendum and a constitutional amendment to shorten term limits in an effort to remove Maduro from office. Chavez was re-elected in 2000 under what he called a new Magna Carta, and members of his MVR party won a majority in the nascent National Assembly. One exploded near Maduro, who was not harmed. Chavez hugs his daughters after spending three weeks in Cuba for treatment. Juan Guaido sings the national anthem during a rally in Caracas on Jan. 23. Photographer: Ronaldo Schemidt/AFP/Getty Images, National Assembly employees remove pictures of Chavez on Jan. 6, 2016. Chavez cited RCTVâs support for the opposition during the 2002 coup as justification for taking it off the air. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The recall referendum went ahead, and Chavez prevailed. Decked out in his trademark red paratrooper beret, he was allowed to go on national television at the end of the first coup to call on his followers to surrender. Chavez took advantage of the episode for years to effectively paint his political opponents as terrorists and coup-mongers. Photographer: Henny Ray Abrams/AFP/Getty Images. The Battle of Vargas Swamp ends in a draw. Simón Bolívar leads revolution, it becomes successful, then gets stopped by spaniards. Venezuelan Patriot Francisco de Miranda, a former general in the French Revolution, led a failed attempt to start a revolution in Venezuela in 1806, but many approved of his actions. He was the highest-profile opposition leader to be detained, and the protests intensified with dozens killed during the first few months of the year. Timeline Venezuelan Revolution! Guaido called for the military to support an uprising and break a months-long impasse to "definitively'' remove Maduro. Timeline- first, second, third stage . On the other hand, if Guaido and his foreign allies manage to force Maduro from office, the task of rebuilding the broken nation will be monumental. Chavez speaks at the United Nations General Assembly in New York City. Capriles accepted the results and rejected claims of fraud by some members of the opposition. Photographer: Federico Rios/Bloomberg. A sobbing Nicolas Maduro, Chavez's chosen successor, announced he would carry out Chavezâs legacy of socialism for the 21st century. Maduro shut the country's borders to block U.S.-sponsored attempts to deliver the aid. Hugo Chavez died Tuesday, March 5, 2013, after a long battle with cancer. A PDVSA technician takes a sample of crude oil from a well in Morichal. Others see it climbing into the millions. The opposition won a majority of the National Assembly as recession and a collapse in the currency turned the public against Maduro. Photographer: Andrew Alvarez/AFP/Getty Images, A mural reads "15 August, Say Yes to Change and to Venezuela" before a recall referendum is held. Almost 1 million protesters march in Caracas on Dec. 20, 2002. The independence movement. With Venezuelaâs oil-dependent economy in a tailspin, the newly elected administration of Carlos Andres Perez implemented IMF-backed austerity measures that included the removal of gasoline subsidies that were long considered a birthright in the oil-rich country. Chavez cruised Venezuelaâs countryside in an open jeep with Oscar-winning actor and fellow Bush critic Sean Penn. Maduroâs election to a second six-year term was marred by the jailing and disqualification of opposition politicians and had the lowest turnout for a presidential election in decades. He’s a sociologist and professor at the Central University of Venezuela. Chavez strengthened ties with Fidel Castro by providing Cuba with 53,000 barrels a day at cut-rate prices. Chavez then launched a campaign to blacklist oil workers who had participated in the strike from working at PDVSA or its foreign partners in Venezuela. Within the first two weeks of the year, hundreds of protests and looting incidents occurred throughout the country. Photographer: Bertrand Parres/AFP/Getty Images. Maduro said he had the full support of the military. People write messages of support on the RCTV building on May 24. "Yesterday, the devil was here, right here, and it still smells like sulfur,'' Chavez said. Photographer: Wil Riera/Bloomberg. Leopoldo Lopez with a National Guard escort after turning himself in on Feb. 18. Hugo Chávez served as the 64th Venezuelan president from 1999-2013. So now joining us again in the studio is Edgardo Lander. A violent standoff ensued on the Colombian border and trucks full of supplies caught fire in the melee. Bolívar emerges as the face of Venezuelan independence, but it is short lived. Political persecution accelerated after electoral authorities published a list of more than 2.4 million Venezuelans who had signed a petition to recall Chavez. Lin Published: February 16, 2019, 6:00 AM EST | … Security forces check a building after an explosion is heard. Photographer: Leo Ramirez/AFP/Getty Images. Photographer: Gerard Sioen/Gamma-Rapho via Getty Images. The bad news: Things can still get worse. Simon Bolivar teams up with Francisco de Miranda. The crisis of 1826 brings Bolívar back from Peru to Gran Colombia. By late-February, protests against the Venezuelan presidential elections occurred after several opposition leaders were banned from participating. Cash sits in a bin at a produce market in Caracas in 2016. The Chavez administration began forcing foreign oil companies to accept higher taxes and smaller, non-controlling stakes in oil projects amid what it described as an oil nationalization. It would also need to restore the rule of law for businesses to feel comfortable investing in the reeling economy. 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