First Republic of Venezuela
The First Republic of Venezuela ("Primera República de Venezuela" in Spanish) was the first independent government of Venezuela, lasting from July 5, 1811, to July 25, 1812. The period of the First Republic began with the overthrow of the Spanish colonial authorities and the establishment of the Junta Suprema de Caracas on April 19, 1810, initiating the Venezuelan War of Independence, and ended with the surrender of the republican forces to the Spanish Captain Domingo de Monteverde. The congress of Venezuela declared the nation's independence on July 5, 1811, and later wrote a constitution for it. In doing so, Venezuela is notable for being the first Spanish American colony to declare its independence.
Republic of Venezuela
Luis Herrera Campins was elected to the presidency in 1979, with the country in deep debt and bound by International Monetary Fund demands. In 1983, the Venezuelan currency, the bolívar, was devalued on what became known as Black Friday, unleashing an economic crisis. The subsequent government of Jaime Lusinchi did little to counter the crisis. Corruption increased, and the Caldas Corvettes crisis in 1987, sparked by a sovereignty dispute in the Gulf of Venezuela, generated one of the biggest moments of tension between Venezuela and Colombia.