How Venezuela Descended Into Turmoil

How Venezuela Descended Into Turmoil


Venezuela was once South
America’s richest country. Now it’s in turmoil. Here’s how we got here. Juan Guaido declared himself
acting president of Venezuela in January 2019. Venezuela, though, already had
a president — Nicolas Maduro. The socialist leader has
led the country since dictator Hugo Chavez’s
death in 2013. Maduro had just been sworn
into a second six-year term earlier in January. But opposition boycotts and
allegations of voter fraud tainted his election. The National Assembly, controlled
by the opposition, did not recognize the results. U.S. President Donald Trump
recognized Guaido as Venezuela’s legitimate president and
praised his plan to hold new elections. Maduro immediately accused the United
States of trying to orchestrate a coup
from Washington D.C., and he gave the U.S. 72 hours to
remove its diplomats. In January, thousands of Venezuelans
marched in the streets. They called out Maduro’s corruption
and demanded he step down. So who is Juan Guaido? The 35-year-old engineer is the
newly named head of Venezuela’s national assembly. But he’s been involved
in opposition activities since college, when Chavez was
running the country. Guaido founded the Popular Will
party in 2009 with mentor and opposition leader
Leopoldo Lopez. In 2011, he joined
the National Assembly. Guaido was reportedly shot
with non-lethal rounds by government forces in 2017 during anti-government protests in Vargas, his home state. He was named president of
the National Assembly on January 5th 2019. Earlier this year, Guaido was
momentarily detained by the government, but he
was soon released. In February, he was asked by
the CBC why he hadn’t been arrested yet? Since declaring himself acting
president Guaido’s pledged to work with Venezuela’s main business
group and said he would end the persecution
of private business. To that end, Guaido reportedly
told Senator Marco Rubio he would name a new board for state owned oil company Citgo Petroleum Corporation. Venezuela’s Supreme Court, which
supports Maduro, recently hit Guaido with a travel ban
and froze his bank accounts. So how did we get here? Venezuela has the largest oil reserves
on the planet and yet nearly 90% of the
country’s 32 million people live in poverty. When Chavez took office in
1999 the country was producing about 3.5 million barrels of oil a day. Since then the country’s oil
production has fallen off a cliff and stands at 1
million barrels per day. Meanwhile hyperinflation is predicted
to hit 10 million percent in 2019 and the
country’s currency is virtually worthless. One dollar is
the equivalent of 248,521 Venezuelan bolivars. At least three million people have
fled the country in the last five years as food
and medicine shortages have worsened. Doctors can’t treat
simple infections, much less people with more
serious conditions. To make matters worse, Maduro
has refused offers of aid from the U.S., saying accepting U.S. aid was a precursor to invasion. So far dozens of people
have died in the unrest. Meanwhile a poll taken last fall
showed more than 9 million Venezuelans only eat
once a day. A similar number said they
eat nothing or close to nothing at least one
day a week What’s the world doing about it? The United States, the European
Union and most of Central and South America
support Guaido. While China, Russia, Turkey, Cuba,
Bolivia, Iran and Nicaragua stand behind Maduro. Venezuela owes a total of
about $100 billion dollars to outside creditors. About $20 billion dollars of that
debt is held by China and another $2.3 billion by Russian
oil company Rosneft. There’s some question about
whether those debts remain valid if Maduro is replaced. Meanwhile, Russian support is seen
as vital to Maduro’s survival. Russia has reportedly stepped
in several times to help Venezuela stave
off default. But if Putin were to allow a Venezuelan default, Russia could claim a lien on Citgo. Maduro offered Russia a 49.9 percent stake in the company after
securing a loan in 2016. Last December Russian bombers
landed in Venezuela. The move was welcomed by
Maduro supporters, which included the military but drew strong
criticism from the U.S. Trump made it clear during his
State of the Union address the U.S. supported Guaido. Trump had previously refused
to rule out military intervention in Venezuela, saying all
options are on the table. As a result,
Venezuela recently conducted military exercises. Maduro said the country
was preparing to defend itself against the U.S. What happens if Guaido takes over? For now high-ranking Venezuelan
officials, including the military, remain supportive
of Maduro. But political analysts believe
that could change under escalating international pressure. If Guaido takes control of
the government there won’t be widespread defaults. But nobody is going to get paid immediately. The International Monetary Fund will
likely take the lead in what would be one of
the largest and most complicated sovereign debt restructurings ever. Venezuela will essentially have
to be rebuilt completely. Fortunately, Venezuela has 300 billion
barrels of oil as well as underground reserves of
gold, iron ore and other natural resources. Those resources assure that
countries who risk helping Venezuela will likely be paid back. Meanwhile, Juan Guaido has called
for more protests and insisted a starting point for
any dialogue must include Maduro’s exit.

100 thoughts on “How Venezuela Descended Into Turmoil

  1. venezuela has debt from u.s and allies? maduro wants togo to russia with out paying that debt. thats the problem

  2. You know what is really ironic about all of this, is the fact that this China aid showcases the real intentions of the trump administration and his appointed personnels, why when president Muduru refuses the US trosion horse aid, everyone ran their mouth describing him as a terrible person, a selfish dictator and so on, I assume we all know whom started this crisis in the first place and still holding on to billions of dollars still owed to the country all in the effort of controlling Venezuela's resources. Any how we all see how they bashed the president as a effort to destroy his image and status and Trump and his pals who he appointed where doing all of this trying to be the so called heros of the day by trying to send in aid for the damages they have caused, trying to give an impression as if they care about the Venezuelan people when they really don't but doing it for their own selfish, cruel intentions of taking over by forcing to appoint a "yes man" in the president seat, but if Trump and his pals really cared about humanitarian aid why is it a problem when China decides to send in aid and medical supplies??? Only goes to show that the meddling of Trump and his organisation is of a political motive to overthrow the current president to forcefully and disrespectful to the Venezuelan constitutional laws declare someone else as president as if the head of Venezuela is the United States president which goes against all that is lawful. Makes you wonder who next will the United States bully next? Which country don't want to hand over their lunch money to the United States? They will be bullied as a consequence that's the operation of these cruel entities withing the government structure of the United States. Creating the problem and then wanting to come fix with an evil, selfish intent.

  3. there's no way US would leave venezuela alone with that huge oil reverse. The real victim is the venezuelans, their country is become a battleground between 3 greedy superpower country using their puppets leader to confuse venezuelans and make them fight each other.

  4. Both Maduro and Guaido would do the same at this point, which is selling out their countries resources. The difference lies in the buyers. Maduro's buyer is anti-US, while Guaido's buyer is pro-US. Lmao

  5. Honestly i expected worse from cnbc as a conservative but the full 1 or 2 years of Venezuelan history they touched on seemed pretty nonbiased. But they completely missed the point with how their situation all started.

  6. If Venezuelans have no food to eat or water to drink. Then How does the military run exercises? Every country on the planet gets humanitarian aid like it or not. So what is the problem?

  7. I read better investigative journalism on a fortune cookie! Disgraceful effort, did this clowns ever went to journalist school?

  8. to this day US is paying Venezuela up to 48 million dollar per day for oil the thing is Guaido hates comunism it hates dictateurs and hates the corrupt regime since he was a children , if US really want s to get rid of Maduro they should stop importing their oil

  9. Team woke !!!! Russia, China and Us hands off Venezuela … he didn’t declare himself president, Guaido was elected president of the National Assembly by Venezuelans.

  10. This video shows how there are shortages and the oil isn’t worth anything, and how Maduro has let people die. Come on wake up people #teamwokeworld

  11. No one will get paid because it’ll take over 20 years to rebuild. Guaido is doing this for free … for his people

  12. i thought obesity was a problem? now only eating once a day is a problem? we have our own problems here in the U.S.

  13. 90% of 32 million people is 28,800,000 people in Venezuela that live in poverty. And they are all pawns in a chess game where life is super cheap. Una vida cuesta menos de un bola. Me entiendes guey? Una vida es mas barrato que una bala. A screw driver i took out the homies tool box is more expensive than 5 lives in Venezuela rite now

  14. Cheap propaganda. We know what to watch to see the truth about Venezuela. By the way Guaido Will never rule Venezuela.

  15. I love how they talk about oil production falling off causing this. It's because oil prices went from $95 a barrel to $15 and 51% of entertainment programs funded by oil. Socialism did this, not a person but an ideology.
    Just because you regret what you bought doesn't mean that you didn't buy it to begin with.

  16. Hey, America, deal with your own dirty laundry before you start rifling through other people's dirty laundry. You've got cities where people live in third world conditions.

  17. yeah, the bank gets gold and oil, and we dont have to whipe the floor with their military. The fact is socialism doesn't work. And, if they cant grow food, we aren't gonna let people starve with all that oil.

  18. Venezuela has been sold. Plain and simple! China And Russia will divvy up Venezuela between them. Oh, and expect more riots and bloodshed.

  19. A few word of serious advice to everyone posting here, especially gringos who have family in Venezuela.
    Regardless if you are anti or pro current Venez. GOVT.

    DO NOT POST: names, locations, personal information about family or friends in Venez.

    Especially if you are u.s. citizen ( Venezuelan or gringo)….You run a high risk of your family in Venezuela being kidnapped for ransom.
    Collectives, military, and common criminals monitor these postings and gather data.

    As a gringo in venezuela….I speak from personal experience. You will be bankrupted trying to get you loved ones back.

    And once you pay to get them back…..they are an even bigger target for repeated kidnappings because you already paid once before. Now you have to move your family to another location.

    DONT RISK IT- BE CAREFUL ABOUT YOUR POSTINGS.

  20. Well Maduro IS a Socialist, (and very corrupt) Dictator of Venezuela. Juan Guaido is, per the laws before the Socialist, Corrupt Leadership took over. Given that Venezuela has One, (1) item of foreign exchange, and that is oil. No wonder that is what Guaido is dickering with. It is the only product they have. The Chinese and the formerly Communist Russians own the resources, because of billions in Loans. This is a Trade War between West and East because of Socialism/Communism. And the people who voted the then not so corrupt Socialists in? They pay for it now, with a destroyed Country. Oh well….but the Chinese, nor the Russians apparently remember the Monroe Doctrine. Silly them.

  21. Are you guys real journalists..? Again a new propaganda ..let us know the reason why they are shortage of medicine and food? Answer is the sanctions right.if u stand for the people send the supplies.

  22. American propaganda to cover the american killing of 40,000 civilians.
    Shame on the USA. You’re passport is not welcome anymore in free southamerican country’s.
    Stay you’re Nazi country’s.

  23. The 7 countries that were to be invaded or have a regime change after 9/11 were Iraq, Syria, Lybia, Sudan, Somalia, Venezuela and Iran….still trying to go after Venezuela and Iran almost 20 years later…the rest have fallen.

  24. Yea…don't mention the fact Maduro nationalized all the privately owned oil companies and fired the CEO's on national television. Don't mention the fact that the government maintained all of it's citizens in a welfare state. This video is literal propaganda for the socialist dictator. Venezuela fell because of a centrally planned government run economy that killed private business.

  25. This was nothing other than a recital of state department lines… zero journalistic integrity.

  26. Oh CNBC, honesty should be a policy and you are not one to want to follow it. Sad that theres nooooooo mention of US santions on venezula. Why not mention it!

  27. I BELIEVE MADURO WAS ELECTED BY THE PEOPLE,USA DOSENT HAVE NO BUSINERS IN VENEZUELA,ALL THEY WANT TRUMP IS THE VENEZUELAN OIL ONE OF THE RICHEST OIL NATIONS IN THE PLANET.MADURO IS THE PRESIDENT NOT GUIDO A NOBODY PUT IN THERE AS A POPET PRESIDENT FOR THE AMERICANS I KNOW THE HISTORY AND THE MISTAKES AMERICA MAKE DURING THE COLD WAR BUT THE COLD WAR IS OVER WHY TRUMP AND THE RICH APARATUS OF WORLD OIL SUCKERS LIKE BRITAIN FRANCE AND MORE EUROPEANS IF USA DROP ALL THE SANTION AGAINST MADURO AND REASUME NEW RELATIONS VENEZUELA COULD BE THE NEW SOUTH AMERICAN DUBAI NO DOUDBT.UISA IS A VAMPIRE TOGETHER WITH THE EU THATS WHY PUTIN REFUSE THE EU BRING THE NOICE GRINGOS

  28. Guaido is a cheap miserable CIA-puppet, quick to come up quick to disappear. GOOD FOR NOTHING but worse than Judas Iska-Riot.

  29. my favourite part is that it had nothing with socialism, because you know when it doesn't work it was never true socialism or that it must have been someones else fault, usually America because hey! why not blame them, not the tyrant that has taken complete control of the economy, the military, the food and the countries democracy, it's just easier blame Trump….

  30. CNBC i know usa pays you . Give me one answer how ballot box produces dictator. Chavez took country to one of the rich country and after that usa decided to take veneuzla down .

  31. the people of venezuela will not deliver to the bandits! does not sell their honor with dollars. dog USA, get out of Venezuela!

  32. ALL PEOPLES IN OTHER COUNTRIES WANTS PEACE !!!
    IF USA WANT TO HELP OTHER COUNTRIES ????? DO IT WITH A GENUINE INTENTION !!!
    AND DO NOT CONSTANTLY MASSACRE OTHER PEOPLES IN OTHER COUNTRIES !!!

  33. For those who believed that the U.S. sanctions got Venezuela in this state, I will ask them to look into again. The Venezuelan economy was already wrecked before the sanctions, which are by the way, mostly directed against individuals, and which only became effective in 2018. But the crisis come from not long after Maduro took power in 2013. In fact, major pro-democracy protests were suppressed in 2014, at a time that lack of medical supplies and food was beginning to appear. The fall in oil prices did its part. But the corrupt system of currency exchange that the dictatorship put in place has created hyperinflation, added to the price controls that worsened that same inflation, capital flight due to any absence of legal protection for private property by the regime, which have kept off investors and led many to leave the country and disinvest, an incredibly inefficient and corrupt management of state companies, including the main state owned oil company PDVSA, and inability to diversify the economy from oil dependency in the face of falling oil prices, all of these factors contributed to the failed economy of Venezuela. In the meantime. relatives of top regime figures live comfortably in western countries, including the United States, many regime figures have been caught in money laundering billions of dollars. Former regime officials from the Chavez era has gone into retirement as billionaires in other countries, with money stolen from the national treasury. Just recently they arrested a man in the Dominican Republic who illegally managed expensive property in the beach resort town of Punta Cana on behalf of former Minister of Interior Tareck El Aisami, who still is a very influential person in the regime. Two nephews of the first lady, Maduro's wife, were caught by the DEA with 800 kilos of cocaine two years ago, and now are serving a jail sentence in New York. The Venezuelan military is also a drug trafficking organization, and many in the high command of the armed forces are the individuals targeted by the sanctions for ties to drugs, including the head of the armed forces, Wladimir Padrino Lopez. The army under Maduro, and the government officials in general, have gotten so corrupt that they also run black markets in currency exchange, gasoline across the Colombian borders, and illegal gold mining in the southwest areas bordering Brazil. All of this happens, and every Venezuelan knows about it, and yet, you see some young naïve college students in the United States, like the Code pink (the same ones taking over the embassy building in Washington with, "Hands off Venezuela" posters), who have never lived under what Venezuelans have lived and endured under Maduro, lending themselves as useful idiots of the Maduro regime. I understand that the United States have intervened in Latin America with selfish and imperialistic intentions, and unfortunately, with the predictable negative results that implies. I did not agree with the war in Iraq, neither with the destabilization of Libya and Syria. But Venezuela is a totally different case. None of these countries, with perhaps the exception of Iraq in 2003, was nearly as bad economically as Venezuela has been in the last few years. I am actually very progressive minded and have had to contend with many on the left flawed views based on the narrative that Venezuelans rebelling against the regime are somehow not agents of their own destiny, but puppets of a plot by the "imperialists" in Washington. You see outlets like Democracynow, which I respected a lot, interviewing the dictatorship's envoy Jorge Arreaza, a son in law of the late president Chavez, and someone who has been revealed in corruption cases while he was in charge of the state owned radios in Venezuela. Someone like that, who denies Venezuelans who have been in the receiving end of the regime's repression, and actively does propaganda to gain sympathizers with the American left, should not be taken as a credible source. The same vibe I have gotten from the Young Turks, although they have largely avoided talking about Venezuela. It is actually more complicated than the Maduro's regime somehow is an embattled government, resisting heroically U.S. aggression. That is far from the truth. I do not know what ulterior motives are there for Trump to support regime change in Venezuela. Most likely oil, why not? Russia, China and Cuba (who receives subsidies from Venezuela since the Chavez era) are also not oblivious to Venezuelan oil riches. In fact, they support Maduro because the government owe Chinese and Russian banks and companies billions of dollars, and oil contracts. However, the regime itself, its actions, its failed policies, and the hunger and misery it has caused, along with the total disregard for human rights, have pushed the Venezuelan people to the streets, not some Ray-Ban sun glasses-wearing agents from the CIA pulling the strings. I hope this helps clarify a little about the current Venezuelan situation, and explore it more objectively if anyone is interested in getting at the truth of what is happening.

  34. Because of America sanctions that’s why he did have American stations there would be no turbo oil on Venezuela long live maduro in the Venezuelan people

  35. @CNBC: If you want to post things for us to view, start with sticking to the truth and never lie to make the story better suite something else. Just the simple: Maduro conducted an election last year that was ruled to be fraud – also by the Supreme court.(TJS). Juan Guaido was elected president of the National Assembly on January 11, 2019 – this year. Your buddy, Donald Trump was notified on January 5 of the ruling of the TJS by the president of the supreme court that defected. to the USA. That you and some other media attended some private ceremony and published photos from it is your problem. The proceedings of the National Assembly is available to everyone, and Google can translate. The arrogance is just frustrating. As president for AN, Juan Guaido had to assume the role as president of the country since the elections were found to be a fraud. He announced the meeting in the town squares within 3 weeks: January 23. Everything is according to the Constitution of Venezuela. If you don´t like the ways in other countries it is you that have a problem. If you want us not to comment on the US legislation, you have to do just the same. If you like Maduro, you probably can send someone to Caracas and collect him. Your problem will probably be that some very high military officers have for more than a decade enjoyed his protection and made businesses based on this protection that sheltered illegal activity, corruption and trading of drugs, arms and precious metals. They have their billions, also invested in US media companies – and maybe CNBC? Now try again.

  36. Maduro, Padrino and Chavez family has accumulated around half of the countries national debt over the years. It is kind of easy to avoid defaulting when you know where to recover the losses. It is just to seize the assets and sell them. There are long lists of crimes against humanity, one sentence and they wealth amassed is of "criminal origin", and the banks cannot hold it or transfer it anywhere. Restructuring financially should be simple.

  37. WTF. Chavez was not a dictator. Maduro was elected last year with a high margin, and a fifth of the registered voters refused to vote. And now this Guaido dude want to proclaim himself a president.

  38. Guaido is just a puppet to the US government, the US is desperate to obtain control over Venezuela's oil to stop the Chinese push towards Petro-yuan which will risk the Petro-dollar and bring down the US economy since the Dollar will lose its backing and the US would no longer just print paper to cover it's debts

  39. Venezuela got fu.. Up by following leftist socialisf agenda! Jumm reminds me of a certain ocassional cortez

  40. now i am going to be fair here; if that was fair election a real honest God one; no dolls; because Venezuela made their own biscuit

  41. Total propaganda. First of all the country had massive poverty BEFORE Chavez took power. He used the country's oil resources to creat social programs and brought people OUT of poverty. But this was not to the liking of big business and of course the greedy US other industrialized countries who want to go into Venezuela and take literally every resource they have. Notice this documentary said absolutely nothing about the crushing sanctions placed on Venezuela by the US and every one who the US bullies into also sanctioning the country. The US and UK literally stole billions of dollars of oil revenue that was payment for oil that Venezuela sold
    Then the US pretends to care about the people and acts like they are trying to send aid. Why don't they just give back the money they stole and stop blockading the country from buying medicine and food from other countries. This is all just a manuever to get a US puppet Guido into power so that he can reprivatize the oil and the US can dictate what happens to it. I mean at the end the narrator even says that once Mauro is removed, other countries that "help" Venezuela can be paid back with its natural resources. I mean anyone who can not see what is happening here is totally blind. Governments aroubd the world are only interested in keeping the rich rich and making them richer and they have absolutely NEVER helped the poor, especially poor people of color.

  42. Venezuela was the wealthiest country in S. America? It STILL is, genius.
    That is why all those bloodsuckers( your bosses) want to steal its wealth.

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