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Boom era for oil
The material standard of living for all classes in Venezuela improved. -
Per capita oil income declined
leading to a foreign debt crisis and forced devaluation of the Bolivar. -
The percentage of poverty highly increased
The percentage of people living below the poverty line jumped from 36% to 66%, while people in extreme poverty tripled, from 11% to 36%, and the class division intensified. -
Carlos Andrés Pérez became president on a platform of anti-neoliberalism
Venezuela was faced with an external debt ($34 billion) that under these conditions could not be paid.
Riots broke out across the country and the government responded by imposing martial law. -
Main leftist parties
La Causa Radical (LCR) and the Movimiento al Socialismo (MAS). -
Chávez became a heroic symbol
He was the leader of a coup attempt on Pérez. Before being imprisoned Chávez was granted one minute on national television and that gave Chávez national recognition and caused him to become for many a heroic symbol of resistance to the disliked regime. -
Pérez was impeached by Congress
For illegally using $17 million to finance the campaign of Violetta Chamorro in Nicaragua. -
Rafael Caldera wins the elections
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Caldera released Chávez
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General public sector strike
About 1.3 million workers walked in it. -
Caldera stipulated neoliberal adjustment
this adjustment opened the state oil industry to private investment. -
Asian financial crisis
due to their financial crisis, Oil prices tumbled thereby worsening Venezuela's economy in an election year. -
Chávez wins the presidency elections
With 56.4% of the popular vote.
