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
Caldera assumed the presidency for the second time in 1994 and had to confront the Venezuelan banking crisis of 1994. He re-imposed exchange controls, which Pérez's administration had lifted as part of a general financial liberalisation (unaccompanied by effective regulation, which contributed to the banking crisis). The economy had suffered under the falling oil price, which led to a collapse in government revenues. The steel corporation Sidor was privatized, and the economy continued to plummet. Fulfilling an election promise, Caldera released Chávez and pardoned all the military and civilian conspirators during the Pérez regime. The economic crisis continued, and by the Venezuelan presidential election, 1998 the traditional political parties had become unpopular; an initial front-runner for the presidency in late 1997 was Irene Saez. Chávez gained popularity amid the financial turmoil and was elected president in 1998. His administration promoted a new constitution, which was approved by referendum in December 1999. The adoption of the new constitution in 1999 ended the Puntofijismo, establishing the Bolivarian Republic of Venezuela.