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The military rebellion was necessary, he argued, because Perez and his close confidants were involved in rampant corruption and ignored the plight of Venezuela's poor majority. Perez was president from 1974-1979 and again from 1989-1993, surviving two failed coup attempts. He left the country in 2000, facing the threat of arrest on corruption accusations, and did not return. In his first term in the 1970s, Perez won popularity by nationalizing Venezuela's oil industry, paying off foreign oil companies and then capitalizing on a period of prosperity that allowed his government to build subway lines and bankroll new social programs. Venezuelans elected him for a second time in 1988, hoping for a return to good times after a decade of economic decline. But his popularity plunged when he tried to push through an economic austerity program.
[Associated
Press;
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