Chavez meets with Saddam Hussein in Baghdad. The spending was ultimately unsustainable and poverty returned with a vengeance after oil prices crashed in 2014. 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. However, the earthquake of 1812 hit the revolutionary center and forced de Miranda to surrender, angering Bolívar. Chavez took his first major step at censoring media critics when the government let television station RCTVâs license expire after 53 years. Oil prices tumbled in 1998 in the wake of the Asian financial crisis, worsening Venezuela's economy in an election year. Photographer: Spencer Platt/Getty Images. Photographer: Ramon Sahmkow/AFP/Getty Images, A PDVSA technician takes a sample of crude oil from a well in Morichal. A mural reads â15 August, Say Yes to Change and to Venezuelaâ before a recall referendum is held. In short, taking Venezuela back to the relative prosperity it enjoyed for much of the 20th century will be no easy task. The Venezuelan patriot José Antonio Páez leads a rebellion in 1826 demanding independence for Venezuela. Venezuela regularly called for larger production cuts than other OPEC members were willing to embrace. This happened at a time when members of the military were becoming uncomfortable with Chavezâs growing ties to Cuba. Photographer: Juan Barreto/AFP/Getty Images. The U.S., Canada and Brazil swiftly recognized Guaido as the legitimate head of state, while Russia, China and Cuba voiced support for Maduro. Photographer: John van Hasselt/Corbis via Getty Images, Workers on an oil production platform in Lake Maracaibo. Photographer: Juan Barreto/AFP/Getty Images. Bolívar puts Miranda in charge of Patriot army. 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. The coup and the oil strike also pushed Chavez farther from the U.S. and closer to Washingtonâs political rivals, including Cuba and Iran. Distrustful of state-owned oil company PDVSAâs top management, Chavez began stacking the board with loyalists, prompting an outcry from the companyâs existing management. Photographer: David Rochkind/Getty Images, The Mercal food market is inaugurated on April 23, 2003. Photographer: Eric Vandeville/Gamma-Rapho via Getty Images, A standoff between soldiers and civilians amid rioting in Caracas. Opposition to Chavez remained strong at PDVSA, even after the coup, with career professionals accusing the government of undermining the companyâs history of meritocracy. 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. 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, 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. People wait in line to withdraw money from an ATM in Caracas on Nov. 14, 2017. Photographer: Ramon Sahmkow/AFP/Getty Images. Well, it's easy as toast! 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. Photographer: Federico Rios/Bloomberg. The following year, he nationalized CANTV, Venezuela's biggest phone company, and the utility Electricidad de Caracas as his administration moved farther leftward. Chavez is jailed — but not forgotten by many grateful Venezuelans. Despite the vast resources, Venezuelaâs production remains a fraction of Saudi Arabiaâs. Speaking a day after George W. Bush, Chavez grabbed the international spotlight by insulting Bush and accusing him of perpetuating a system of global domination. 1812 - 1814. Photographer: David Rochkind/Getty Images. 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. Photographer: Federico Parra/AFP/Getty Images, Demonstrators clash with riot police in Caracas on May 1. More:Venezuelan President Nicolas Maduro, ... Chávez launched the Bolivarian Revolution, which performed "missions" and social programs for the country. Show full text. Timeline of the Venezuelan Revolution. A burnt aid truck near the border in Cucuta, Colombia on Feb. 23, 2019. History of Venezuela Timeline Timeline Description: Venezuela, situated on the northern coast of South America, supports a wide range of extreme habitats including the Andes mountain range, the Amazon Basin rainforest, the Los Llanos grassland plains, the Orinoco Delta … 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. Chavez speaks at the United Nations General Assembly in New York City. Annual inflation has surged into the hundreds of thousands of percent, by some measures. Photographer: Kimberly White/Getty Images, Venezuelans wait in line to enter a government-run grocery store. Source: Venezuelan govt, ENCOVI, IMF, and Bloomberg. 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. Riots broke out across the country and lasted a week, and the government responded by imposing martial law. Bolívar puts Miranda in charge of Patriot army. Venezuela: The end of a revolution? Photographer: Leo Ramierz/AFP/Getty Images. Venezuelaâs oil industry had never fully recovered from the extended oil strike; for years, the country had been producing below its official production quota. 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. 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. Security forces check a building after an explosion is heard. Venezuelan War of Independence Timeline. Chavez shakes hands with Russian Prime Minister Vladimir Putin in Moscow. Chavez cruised Venezuelaâs countryside in an open jeep with Oscar-winning actor and fellow Bush critic Sean Penn. 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. Photographer: Henny Ray Abrams/AFP/Getty Images. The result was dismissed as illegitimate by the U.S., the European Union and the 14-nation Lima Group that had been formed to help restore democracy to Venezuela. Nicolas Maduro addresses a campaign rally in San Juan de los Morros. Timetoast's free timeline maker lets you create timelines online. Juan Guaido sings the national anthem during a rally in Caracas on Jan. 23. Young firebrand leaders like Simón Bolívar and José Félix Ribas were actively speaking of making a clean break from Spain. 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. National Assembly employees remove pictures of Chavez on Jan. 6, 2016. During the time he served, he presided over the "Bolivarian Revolution," a socialist revolution in Venezuela. The Spanish are driven out of Bogota. Simón Bolívar leads revolution, it becomes successful, then gets stopped by spaniards. A Chavez billboard is displayed at a petrochemical plant. The alliance was a huge victory for Castro, who had been attempting to gain influence in Venezuela since the 1960s, when Cuba supported insurgent groups in the oil-rich country. 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. Photographer: Carlos Becerra/Anadolu Agency/Getty Images. The brain drain of educated professionals would need to go into reverse to staff everything from hospitals to oil rigs. However, his efforts to set up an independent administration in Caracas ended when fellow conspirators handed him over to the Spanish. Chavez and NYSE Chairman Richard Grasso ring the closing bell. Hugo Chavez led the first attempt and, while in prison, inspired the second attempt months later. Chavez hugs his daughters after spending three weeks in Cuba for treatment. Workers on an oil production platform in Lake Maracaibo. Chavez took advantage of the episode for years to effectively paint his political opponents as terrorists and coup-mongers. 1749 - First rebellion against Spanish colonial rule. Photographer: Eric Vandeville/Gamma-Rapho via Getty Images. One exploded near Maduro, who was not harmed. University students who were unaffiliated with Venezuelaâs opposition parties played a crucial role in defeating the initiative. What never emerges is the fact that such threats began from the first day of the revolution. The 2018 Venezuelan protests began in the first days of January as a result of high levels of hunger by desperate Venezuelans. Chavez won the presidency in 1998 calling for new relations between the socioeconomic classes of Venezuela and a new constitution. -Napoleon overthrew King Lewis the 18t. the venezuelan revolution. The economy has shrunk by more than 50 percent since 2013, according to the opposition-controlled National Assembly, and gets more dysfunctional by the day. The Mercal food market is inaugurated on April 23, 2003. 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