Rafael Caldera

Rafael Caldera assumed the presidency of Venezuela, ending the Punto Fijo pact's alternation between the two main parties. His administration pursued a policy of 'national unity' and established diplomatic relations with the Soviet Union and other Eastern Bloc countries, diversifying Venezuela's foreign policy.

Facing a severe banking crisis and economic recession, Caldera abandoned his traditional centrist policies and implemented a neoliberal economic adjustment program. The 'Agenda Venezuela' included privatization of state enterprises, currency devaluation, and austerity measures, leading to social unrest.

Caldera began his second term amid a banking crisis. Shortly after taking office, he pardoned Hugo Ch