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The previous president of Venezuela, Hugo Chavez, declared an economic war, as the inflation increased massively, on June 2nd, 2010. This crisis then later intensified as the current president, Nicolás Maduro, got elected for president in 2013. This has resulted in Venezuela being of of the richest countries in the world, to one of the most corrupt. This has gotten so bad that Venezuela has been compared to Syria.

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Venezuela issued $62 billion in sovereign bonds from the state oil company PDVSA. The debt rose to 150 billion USD. The oil prices collapsed, as the price for a barrel was $98 in June of 2014 and was at the low price of $47 at the end of that year. The country's oil-dependent revenues took a massive hit as they went from from $121 billion to $48 billion between 2014 and 2016. Whilst imports of oil used to be 66 billion USD, it only pulled in 9.2 billion USD back in 2018.

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The main people who have caused this problem are the two late presidents of Venezuela, Hugo Chavez and Nicolás Maduro.

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The citizens of Venezuela have been protesting and fighting for lower wages as it is practically impossible for them to live.

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276 people have been killed, 18.500+ people have been injured, and over 11.5 thousand people have since been arrested during protests as of 2014 and up to current date.