Under the populist rule of President Hugo Chávez, first elected in 1998, Venezuela has undergone enormous political changes, with a new constitution, a new the unicameral legislature, and even a new name for the country, the Bolivarian Republic of Venezuela. Although Chávez remained widely popular until mid-2001, his popularity eroded considerably after that, amid concerns that he was imposing a leftist agenda. In April 2002, massive opposition protests led to the ouster of Chávez from power for a brief period, but the military restored him to power after an interim the government resorted to such hardline measures as dismantling the National Assembly and suspending the Constitution.
This report discusses the economic crisis in Venezuela including its origins of the crisis and current attempts at debt restructuring by the Venezuelan government. The report also outlines U.S. interests in the Venezuelan economy and trade, the outlook for U.S. holders of Venezuelan oil company bonds, ownership of CITGO (the biggest shareholder is the Venezuelan state-oil company), and the prospects of U.S. support of economic recovery in the future.
This report, divided into three main sections, examines the political and economic situation in Venezuela and U.S.-Venezuelan relations. The first two sections describe the environment under various political leaders including President Hugo Chávez (1999-2013) and President Nicolás Maduro. The third section examines U.S. relations with Venezuela, including the imposition of sanctions on Venezuelan officials, and selected issues in U.S. relations--democracy and human rights, energy, counternarcotics, and terrorism concerns.
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