Despite its oil revenues, Venezuela's economic and fiscal situations are in free fall. Learn why here.» Read More
U.S. oil giants Exxon Mobil and ConocoPhillips both left huge crude projects in Venezuela's Orinoco Belt after President Hugo Chavez nationalized them as part of his socialist revolution. Venezuela is the fourth biggest supplier of oil to the United States.
Venezuela's oldest private television station went off the air just before midnight Sunday as thousands banged on pots and pans in protest against a decision by President Hugo Chavez that did away with a popular opposition-aligned channel.
Venezuela will withdraw from the Washington-based lending organizations, the IMF and World Bank, in a symbolic move that distances leftist President Hugo Chavez from much of the international economic community.
Brazilian President Luiz Inacio Lula da Silva, the leader of the continent's largest economy who has moved closer to U.S. President George W. Bush over ethanol output, swiped at Hugo Chavez, rejecting his fellow leftist's criticism of their plan.