[2] The crisis led the President Rafael Caldera to suspend constitutional rights in order to impose price controls, exposure of deep corruption in the Venezuelan banking system, and the resignation of Finance Minister Julio Sosa Rodriguez.
State officials suggested that most of the public funds for recovery had been stolen by bankers fleeing the country's crisis.
[6] In total, between January 1994 and August 1995 17 of the country's 49 commercial banks, as well as some subsidiaries, failed - representing 53% of the system assets.
[2] Economic liberalization in the early 1990s and lax banking supervision had laid the seeds for the crisis, which was then triggered by the cumulative effects of a collapse in the oil price, which led to sharply reduced government spending and weakened the Venezuelan economy.
[2] Ruth de Krivoy, who was President of the Central Bank of Venezuela at the height of the crisis in 1994, later published a book on the episode.