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How Venezuela fell from riches to a country in crisis

The Latin American trailblazer's spiral into economic ruin
Discovery of black gold
Major oil exporter
Government cut
50:50 rule
Higher standard of living
Fourth richest nation
Rich country
Balancing the books
Boom times
Efforts to diversify
Comfortable life
Unprecedented living standards
Oil industry nationalisation
OTT expenditure
Rot setting in
Drowning in debt
Black Friday
Shock therapy
Failed coup
Banking crisis
Dire straits
Rise of Chávez
Bolivarian Republic
Economic mismanagement
Unsustainable policies
Social breakdown
Dubious third term
Maduro in power
Economic ruin
Widespread hunger
Political resistance
Uprising and violence
Widespread blackouts
US sanctions intensify
Oil prices tumbling
US sanctions still stand despite coronavirus
Coronavirus enters the country
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Cristian Hernandez/AFP/Getty

The Latin American trailblazer's spiral into economic ruin

Venezuela has spiralled from being Latin America’s richest country to a poverty-stricken nation where 80% of households suffer from food insecurity. Economists have called it the worst economic collapse outside of war in more than four decades. As the country is now faced with the added challenges of coronavirus, will it ever be rescued from total financial and social collapse? Click or scroll through to see Venezuela’s incredible rise and fall, starting from the discovery of oil there in 1914.

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Daniel Coughlin

14 April 2020

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