Carlos Andrés Pérez based his campaign for the 1988 Venezuelan general election in his legacy of abundance during his first presidential period[3] and initially rejected liberalization policies.
[10] By late 1991, as part of the economic reforms, Carlos Andrés Pérez' administration had sold three banks, a shipyard, two sugar mills, an airline, a telephone company and a cell phone band, receiving a total of $2,287 million USD.
[12] The most remarkable auction was CANTV's, a telecommunications company, which was sold at the price of $1,885 million USD to the consortium composed of American AT&T International, General Telephone Electronic and the Venezuelan Electricidad de Caracas and Banco Mercantil.
The second, and much bloodier, insurrection took place on 27 November 1992, and this time, civilians and military personnel from both the Venezuelan Air Force and the Bolivarian Navy of Venezuela were involved.
On 20 March 1993, Attorney General Ramón Escovar Salom, introduced action against Pérez for the misappropriation of 250 million bolivars belonging to a presidential discretionary fund, or partida secreta.