The Caracazo took place.
The Caracazo , or sacudón , is the name given to the wave of protests , riots , looting , shootings and massacres that began on 27 February 1989 in Venezuela 's capital , Caracas , and the surrounding towns . The weeklong clashes resulted in the deaths of hundreds of people , thousands by some accounts , mostly at the hands of security forces and the military . The riots and the protests began mainly in response to the government 's economic reforms and the resulting increase in the price of gasoline and transportation .