2018 Venezuelan Coup d'État (The More Things Changed)

The 2018 Venezuelan coup d'état began on April 12th, 2018, following the passage of special resolutions by the OAS and President Nicolás Maduro's signing of the accords reached in Port of Spain, Trinidad and Tobago, the Venezuelan military seized control of Caracas.

General-in-Chief Vladimir Padrino López, formerly the Minister of Defense, is serving as Acting President.

Economic and Political Crisis
Main Article: Venezuelan Crisis, 2017-Present (The More Things Changed)

Under the administration of Hugo Chávez, the Venezuelan government embarked on a series of ambitious anti-poverty and social welfare programs - the Bolivarian Missions - paid for largely by the strength of Venezuela's oil reserves. With the drop in global oil prices from 2012-2014, the government of Chávez and his successor, Nicolás Maduro, were unable to continue funding the missions, and the government was unable to adapt to the stark drop in revenue.

Resulting food shortages, in addition to a housing crisis and a sharp economic recession, have led to protests in the streets of Caracas and other cities across the country. Since 2014, there have been ongoing protests, retaliatory violence, and governmental crackdowns on protestors.

Following international condemnation and increasing isolation, President Maduro announced that his country would withdraw from the Organization of American States.

Port of Spain Agreement
Diplomatic talks to bring a peaceful resolution to Venezuela's mounting crises began in earnest following the Maduro administration's withdrawal. On April 6th, 2018, an agreement was announced in Port of Spain, officially titled The Multilateral Agreement for Lasting Peace in the Bolivarian Republic of Venezuela.

Among the provisions of the accords, the Central Bank of Venezuela agreed to implement a 12,000:1 Venezuelan bolivars per U.S. dollar ratio nationwide; crucially, the Venezuelan military was subject to a much more favorable 10:1 ratio. Defense Minister Vladimir Padrino López and senior military leadership warned Maduro against implementing this provision of the agreement. On April 10th, 2018, Maduro signed the Port of Spain Agreement without notifying Padrino beforehand, claiming he was following "the spirit of Chávez."