Venezuela is a country located in the northern part of South America. It is bordered by the Caribbean Sea to the north, Colombia to the west, Brazil to the south, and Guyana to the east. The capital and largest city is Caracas. The territory now comprising Venezuela was colonized by Spain in 1522 and became part of the Viceroyalty of New Granada, one of Spain's 17 administrative divisions in the Americas. In 1821, Venezuela won its independence from Spain. Since the early 1990s, Venezuela has been beset by political and economic turmoil. The country's economy is highly dependent on oil exports, which represent about 95% of its total exports. In recent years, declining oil prices and production have led to economic problems in the country. In 2016, Venezuela's economy contracted by 18%. The political situation in Venezuela has been volatile in recent years. In 2013, President Nicolás Maduro was elected to succeed Hugo Chávez, who had died the previous year. Maduro's rule has been marked by economic and political turmoil. In 2017, the country's Supreme Court attempted to strip the National Assembly of its power. The move was widely seen as an effort by Maduro to consolidate power and suppress dissent. In January 2019, Maduro was sworn in for a second term as president, despite allegations of electoral fraud. The United States, the European Union, and several other countries have refused to recognize Maduro's government. In January 2020, Venezuelan opposition leader Juan Guaidó declared himself interim president, claiming that Maduro's election was invalid. Guaidó's move was immediately recognized by the United States and several other countries. Maduro remains in power, supported by the military. The situation in Venezuela is complex and fluid. The country is in the midst of an economic and political crisis. The United States and several other countries have recognized Juan Guaidó as the legitimate interim president of Venezuela. Maduro, supported by the military, remains in power.

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