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Hugo Chávez's Death
The Venezuelan president died. He left behind a legacy of positive radical change. He worked to reduce corruption, increase spending on social programs, and redistribute the country's oil money. The new leader Nicolas Maduro takes over. -
Maduro wins election
Maduro narrowly wins the six term election, but the election was surrounded in fraud. -
Leopoldo Lopez Arrested
Venezuelan security arrest Leopoldo Lopez on suspicions of forming unrest and plans to overthrow Maduro. -
Democratic Unity Coalition Win Majority
Democratic Unity Coalition win control of the legislative body after citizen's growing discontent with the prolonged recession and inflation. -
Anti-Government Protests
Following the Supreme Court's decision to take over functions of the National Assembly, national outcry and protests begin. The court took back the decision but the protests led to 100 deaths. -
Constituent Assembly Formed
The creation of an all powerful legislative body passed into law to rewrite a constitution. It soon took over crucial legislative functions, and sparks accusations that Maduro is trying to undermine Democracy. -
Mediation Talks Collapse
Talks between the government and opposition collapse after dispute over next election date. The government states the election will be in the first half of the year and the opposition plan to boycott. -
Maduro Reelected
Maduro easily wins reelection after low turnout and suspicions of government vote buying. -
Maduro Inauguration
Maduro goes forward with his inauguration over increasing pressure not to. -
Guaido Swears in as Interim President
As the largest opposition rally since 2017, Guaido swears himself in and recognizes him as the legitimate president. -
US Sanctions
US implements sanctions on state oil company PDVSA to increase pressure on Maduro to step down. -
Conclusion
Corrupt government is the main cause of the Venezuelan hyperinflation. This is similar to Germany's corrupt leaders printing a surplus of money and causing hyperinflation as well. The limited demand and availability of Venezuela and Germany's products both led to the drastic inflation.
