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The 1980s oil glut led to an external debt crisis and a long-running economic crisis.Inflation peaked at 100% in 1996 and poverty rates rose to 66% in 1995 According to the most popular and accepted version, in 1499, an expedition led by Alonso de Ojeda visited the Venezuelan coast.In 1811, it became one of the first Spanish-American territories to declare independence which was not securely established until 1821, when Venezuela was a department of the federal republic of Gran Colombia.It gained full independence as a separate country in 1830.

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Leaf-shaped tools from this period, together with chopping and planoconvex scraping implements, have been found exposed on the high riverine terraces of the Rio Pedregal in western Venezuela.The revolution began with a 1999 Constituent Assembly, where a new Constitution of Venezuela was written.This new constitution officially changed the name of the country to República Bolivariana de Venezuela (Bolivarian Republic of Venezuela).They are credited with having invented the arepa, a staple in Venezuelan cuisine.Colonial city of Coro, in which important samples of an eclectic architecture that combines Mudéjar, native, and Dutch styles are preserved.

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