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THE RIOTS WERE SPARKED
BY PRICE INCREASES AGAINST
A BACKDROP OF ECONOMIC
CRISIS.
OUR LATIN AMERICA
CORRESPONDENT JUAN VASQUEZ
HAS A REPORT FROM MIAMI.
>>> THE EXPLOSION
OF VIOLENCE IN ONE OF LATIN
AMERICA'S MOST STABLE
DEMOCRACIES WAS THE WORSE
IN 30 YEARS.
SCORES OF STORES WERE
LOOTED, SUPERMARKETS WERE
EMPTIED.
NO FOOD OR BEVERAGE TRUCK
WAS SAFE FROM THE ANGRY MOB.
SOME OF THE MAIN STREETS
AND HIGHWAYS WERE BLOCKED,
AND RIOTERS SET FIRES
THROUGHOUT THE CAPITAL.
THE POLICE RESORTED
TO PUNISHING TACTICS TO BEAT
THE LOOTERS INTO LINE,
BUT THEY WERE OUTNUMBERED.
WHAT BEGAN AS A PROTEST
AGAINST AN INCREASE IN BUS
FARES QUICKLY TURNED
INTO AN UPRISING DRIVEN
BY DESPAIR OVER THE FALLING
ECONOMY.
>> FROM THE POINT OF VIEW
OF THE MAN ON THE STREET,
HE SEES THAT PRICES ARE
GOING UP, HE SEES INTEREST
RATES GOING UP, HE SEES THAT
THE OPPORTUNITIES FOR JOBS
ARE NOT THERE LIKE THEY WERE
IN 1988.
AND THEREFORE HE FEELS
FRUSTRATED.
>> PRESIDENT CARLOS ANDRES
PEREZ WAS INAUGURATED ONLY
A FEW WEEKS AGO,
PROMISING A RETURN
TO PROSPERITY.
GOOD TIMES AHEAD.
BUT, LIKE THE REST OF LATIN
AMERICA, VENEZUELA IS
BURDENED BY A HUGE FOREIGN
DEBT THAT HAS A CHOKE HOLD
ON THE ECONOMY, AND
THE RESULT IS ANGER.
THE RIOTING HAS SPREAD
TO CITIES ALL OVER
THE COUNTRY.
THE ARMED FORCES HAVE BEEN
MOBILIZED AND CONSTITUTIONAL
RIGHTS SUSPENDED.
HOSPITALS ARE FULL
AND UNABLE TO COPE
WITH THE NUMBER OF INJURED.
THE SHORT-TERM CHALLENGE NOW
FOR VENEZUELA IS TO RESTORE
ORDER.
THE LONG-TERM QUESTION
FOR THIS AND OTHER LATIN
AMERICAN DEMOCRACIES IS HOW
MUCH AUSTERITY A COUNTRY CAN
TAKE WITHOUT TUMBLING
INTO POLITICAL CHAOS.