Venezuela
Miguel Gutierrez/European Pressphoto Agency
Venezuela’s economy is dominated by the oil industry, and it has the largest proven reserves of crude oil in the world. President Hugo Chavez, who was elected in 1998 on a populist platform, consolidated state control over the economy and nationalized its telephone and electricity companies. Chavez was succeeded upon his death by his vice president, Nicolas Maduro, who was elected president in 2013.
President Maduro’s government has faced ongoing protests and civil unrest since the beginning of 2014. There are growing signs that Maduro’s support in the region is dwindling, as neighboring countries have expressed concern about his government’s response to the crisis, including the aggressive treatment of protesters.
Scroll below to learn more about Venezuela using our article archive and chronology of breaking news.
CHRONOLOGY OF COVERAGE
FEB. 6, 2015
Venezuelan authorities file charges against two Farmatodo pharmacy chain executives, accusing them of economic sabotage. MOREFEB. 3, 2015
Venezuelan Pres Nicolas Maduro announces on television that he has ordered arrest of executives of Farmatodo drugstore chain, company that he has accused of fabricating shortages to sow discontent; country has been hard hit by drop in oil prices and shortages of many basic products have led to long lines at stores. MOREJAN. 30, 2015
Basic goods and services are in short supply in Venezuela, as country lacks currency due to plunging price of oil, its biggest export; government troops patrol long lines of people waiting for supplies, and stand ready to arrest those shoppers cheating rationing system; Venezuela was in deep recession even before oil prices collapsed (Series: By the Barrel). MOREJAN. 30, 2015
Aruba officials are investigating what caused crash of small civilian aircraft near island; it is unclear whether Venezuelan military jets that had been following plane, which was believed to be carrying drugs, was responsible. MOREJAN. 26, 2015
Editorial criticizes leadership of Venezuelan Pres Nicolas Maduro, particularly his economic mismanagement as oil-exporting nation has grappled with collapse in the price of oil; observes that inflation rose by 64 percent in 2014, and that economy is slated to contract by some 7 percent in 2015; holds most troubling aspect has been Maduro's increasing push toward authoritarianism. MORE
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