International

Venezuela crisis – a timeline

Anti-government protesters march along a highway in the Venezuelan capital of Caracas on April 19, 2017.   | Photo Credit: AP

Protests erupted on April 1 after the courts tried to strengthen President Nicolas Maduro’s grip on power

At least 28 people have been killed so far in clashes between protesters and the riot police.

Divided we Stand

Venezuela is split between Chavistas, the supporters of late President Hugo Chavez, and the Opposition, which wants to seen an end to 18 year rule of the Socialists.

 

The Opposition accuses the government of being inefficient, corrupt, authoritarian and mismanaging the economy.

The Chavistas, in turn, call the Opposition, supported by big media, elitists supported by the United States.

April 2013: President Hugo Chavez dies

Feb./March 2014: Protests over poor security in the western states of Tachira and Merida spread to Caracas, and turn into anti-government rallies

November 2014: Government announces cuts in public spending as oil prices reach a four-year low

December 2015: Opposition wins majority in the National Assembly, ending the 16 year domination of the Socialists in Congress    

Feb 2016: President Maduro announces measures aimed at fighting economic crisis, including currency devaluation and first petrol price rise in 20 years.

September 2016: Hundreds of thousands of people take part in a protest inCaracas calling for the removal of President Maduro

March 30, 2017: The Supreme Court takes over legislative powers from the Opposition-controlled National Assembly, triggering widespread protests

April 1, 2017: The Supreme Court decides to return the legislative powers to the Supreme Court, but protests persist

Unemployment

Expected to pass 25% this year, and it could reach as high as 28% next year. The rate was 7.4% in 2015

Economy

Shrank 18% last year in its third year of recession and it’s expected to be in the red this year, and next too

Inflation

Expected to surge to 720% this year and 2,068% next year, according to IMF forecasts

Debt

The country owes $6 billion in debt payments for the rest of 2017      

Dwindling reserves

  • a. Venezuela only has $10 billion in reserves. But most of that isn’t in hard cash. About $7 billion is in gold bars, making it hard to make payments
  • In 2011, it had $30 billion in the bank
Related Topics
This article is closed for comments.
Please Email the Editor

Printable version | Oct 20, 2020 4:18:52 PM | https://www.thehindu.com/news/international/venezuela-crisis-a-timeline/article18350913.ece

Next Story