Venezuelan Crisis of 1902

By Beth, Raquel, Grace

And the Roosevelt Corollary

The state of Venezuela in 1901➔ Leader: Cipriano Castro➔ Venezuela owed millions of dollars in bonds to

many European creditors, including Italy, Great Britain and Germany; Castro chose to default

➔ Countries threatened to take military action if these debts were not repaid

➔ Castro refused to discuss a resolution to the ongoing crisis, ignored growing tensions

Roosevelt’s Perspective

➔ Roosevelt understood the military action these countries planned to take; he saw it as justified◆ Approved German

debt collection plan➔ Warned the European

powers to avoid annexing territory

Conflict with GB, Italy & Germany-The Blockade➔ Venezuela’s failure to comply led GB, Italy and Germany to:

◆ Seize Venezuelan vessels◆ Bombard coastal forts◆ Establish a naval blockade in December 1902

➔ Roosevelt feared further European involvement in the West Hemisphere pressured the parties to reach an agreement

The Resolution➔ Blockade had ravaged Venezuela’s economy by 1903, so

Castro sought Roosevelt’s aid in finding a solution, to which he eagerly agreed

➔ Crisis ended in February◆ Venezuela put aside 30% of income sourced from

customs duties until debts were paid◆ Cipriano Castro met with U.S ambassador Herbert W.

Brown who had been a representative of the Venezuelan Government and signed the Washington Protocol

The Roosevelt Corollary➔ Addition to the Monroe Doctrine

◆ Allowed the U.S. to utilize military power in case of European involvement/foreign aggression, especially in debt crises, regarding the Western Hemisphere

➔ This Corollary served as justification for U.S intervention in Cuba, Nicaragua, Haiti, and the Dominican Republic

➔ Stated “U.S would intervene as a last resort to ensure that other nations in the western hemisphere would fulfill their obligations to international creditors without violating the rights of the United States”

The EndThanks for watching!

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