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| 1964–69 |
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| PRESIDENCY OF RAÚL LEONI (1906–72). He used shifting coalitions with the Republican Democratic Union (URD) and National Democratic Front to maintain a measure of stability. At the same time, industry mushroomed because of investment of oil remittances and foreign capital in manufacturing. Urban and rural unrest also escalated, with expansion of guerrilla activity and urban terrorism. | 1 |
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| 1968, Dec. 1 |
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| The presidential elections resulted in a narrow victory for Dr. Rafael Caldera Rodríguez, the leader of the opposition Social Christian Party (COPEI). | 2 |
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| 1971, July 3 |
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| The Hydrocarbons Reversion Law passed amid protest over the power of foreign oil companies. It called for nationalization of all oil concessions by 1983. | 3 |
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| 1973, Dec. 9 |
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| CARLOS ANDRES PÉREZ (b. 1922) of the AD was elected president. Pérez, a leading architect of OPEC, discarded agrarian reform and promoted large-scale agriculture. Pérez benefited from OPEC, which raised the price of oil from $2 per barrel in 1970 to over $14 per barrel in 1974, expanding state revenue. | 4 |
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| 1974–78 |
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| The government initiated large-scale public works projects paid for with oil revenues and foreign loans. Pérez combined concessions to labor and rural groups and repression of dissident groups to solidify his regime. By the late 1970s, however, growing debt and an ever-increasing dependence on oil was severely hurting the economy. | 5 |
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| 1975, Aug. 29 |
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| Pérez signed a decree nationalizing the oil industry and creating the state-owned PETROVEN, which would accrue approximately $10 billion in annual sales. | 6 |
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| 1978, Dec. 3 |
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| COPEI candidate Luis Herrera Campins was elected president. He initiated privatization, cuts in public spending, and an end to many price controls. Rampant inflation followed, and unemployment tripled. | 7 |
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| 1983, Dec. 4 |
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| With the national debt at $27 billion and the economy in ruins, AD candidate Jaime Lusinchi was elected president. | 8 |
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| 1986, Feb |
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| Lusinchi reached an accord with creditors, rescheduling foreign debt payments. | 9 |
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| 1988 |
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| Venezuela's population reached 18.8 million. | 10 |
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| Dec. 4 |
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| Carlos Andres Pérez, AD candidate, was returned to the presidency. Contrary to his election promises, he quickly moved to implement an IMF austerity program in order to secure a $4.5 billion foreign loan. | 11 |
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