Map of Venezuela

Venezuela officially the Bolivarian Republic of Venezuela is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean Sea. The capital and largest urban agglomeration is the city of Caracas. It has a territorial extension of 916,445 km2 (353,841 sq. mi).  The sovereign state is a federal presidential republic consisting of 23 states, the Capital District (covering Caracas), and federal dependencies (covering Venezuela's offshore islands). Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the north, especially in the capital (Caracas) which is also the largest city in Venezuela. By 2017, Venezuela was declared to be in default regarding debt payments by credit rating agencies. In 2018, the country's crisis was exacerbated by extreme hyperinflation, with estimates suggesting an inflation rate of 1,000,000% by the end of the year.