"Dozens of Venezuelans Killed on Riots Over Price Increases", The New York Times, March 1, 1989.
summary by Mary Johnson

Venezuela had previously been able to avoid implementation of austerity
programs recommended by the IMF due to the earlier prosperity of oil
production that allowed for large international monetary reserves to
accumulate and then later be used to make principal payments on debt without
requiring any assistance. When the oil boom of the 1970's that inspired
great economic growth came to an end, so began a debt that would rapidly
reach $33 billion and the depletion of Venezuela's international monetary
reserves, which had already fallen 30% in the previous year. There was now
no other choice but to request a loan from the IMF. A loan that would not be
issued without some sign of a decrease in imports and budget deficits.

The unfortunate responsibility of instituting these necessary programs to
promote austerity and gain support from the IMF rested upon Carlos Andres
Perez, the Venezuelan president elected just a few months before after
campaign promises to alleviate the national debt burden. The government was
deregulating prices of consumer goods and services, which caused dramatic
price increases. Another measure taken was an increase in fares for public
transportation. It was this program that caused a 30% increase in public
urban transportation costs and a violent riot killing dozens and injuring
hundreds.

The Army and National Guard eventually suppressed the rioting in Caracas and
eight other cities. Death estimates varied from 50-100 and about 500 were
estimated wounded. Perez responded with the suspension of basic
constitutional rights and a mandatory nationwide curfew.  The next day the
capital was shut down. Public transportation was suspended and schools,
offices and stores closed early due to violent mobs and destructive direct
appropriations of wealth.

Perez's political opposition and labor leaders criticized his decision to
appease the IMF. Furthermore, the government allowing the fund to dictate
domestic policy disconcerted the citizens. However, if payment was to
continue on the accumulated $33 billion in debt and $10 billion import bill
Venezuela had no choice but to except some terms from their potential
creditors.