Venezuelan Crisis of 1902 · Blockade had ravaged Venezuela’s economy by 1903, so Castro sought...
Transcript of Venezuelan Crisis of 1902 · Blockade had ravaged Venezuela’s economy by 1903, so Castro sought...
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Venezuelan Crisis of 1902
By Beth, Raquel, Grace
And the Roosevelt Corollary
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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
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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
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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
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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
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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”
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The EndThanks for watching!
Yee haw and stay fresh fellas ;)