Venezuela is a federal republic located on the northern coast of South America. The world's largest oil reserves were discovered in the early 20th century.
The recovery of oil prices in the early 2000s gave Venezuela an economic boost. The government of Victor Chavez in Caracas then established populist policies that initially boosted the economy and increased social spending, significantly reducing economic inequality and poverty. These policies later became controversial since they destabilized the nation's economy, resulting in hyperinflation, an economic depression and a drastic increase in poverty. Here you can find an automatic compilation of all DW content on Venezuela.
The Venezuelan president has proposed a general election to coincide with a presidential vote slated for April. If it goes ahead, the opposition could lose parliament after announcing a boycott of the election.
Venezuelan President Nicolas Maduro has responded with defiance at being declared unwelcome at the upcoming Summit of the Americas in Peru. Earlier this week, the Peruvian government said he was not welcome to attend.
Venezuela is thought to have the highest inflation rate in the world. As the value of the country's currency, the bolivar, continues to plummet, some tech companies have been carving out a niche for themselves by offering mobile payment options.