of American AT&T International, General Telephone Electronic and the Venezuelan Electricidad de Caracas and Banco Mercantil. The privatization ended Venezuela's monopoly over telecommunications and surpassed even the most optimistc predictions, with over $1,000 million USD above the base price and $500 million USD more than the bid offered by the competition group. By the end of the year, inflation had dropped to 31 %, Venezuela's international reserves were now worth $14,000 million USD and there was an economic growth of 9 % (called as an "Asian growth"), the largest in Latin America at the time. In 1992, his government survived two coup attempts. The first attempt took place 4 February 1992, and was led by Lieutenant-Colonel Hugo Chávez from the Venezuelan Army, who was later elected president. With the attempt having clearly failed, Chávez was catapulted into the national spotlight when he was allowed to appear live on national television to call for all remaining rebel detachments in Venezuela to cease hostilities. When he did so, Chávez famously quipped on national television that he had only failed "por ahora"—"for now". The second, and much bloodier, insurrection took place on 27 November 1992, and this time, civilians and military personnel from both the Venezuelan Air Force and the Bolivarian Navy of Venezuela were involved. 172 died during the second coup attempt. Impeachment On 20 March 1993, Attorney General Ramón Escovar Salom, introduced action against Pérez for the misappropriation of 250 million bolivars belonging to a presidential discretionary fund, or partida secreta. The issue had originally been brought to public scrutiny in by journalist José Vicente Rangel. The money was used to support the electoral process in Nicaragua, and during the process it was revealed that the money was used to support and hire bodyguards for President Violeta Chamorro. On 20 May 1993, the Supreme Court considered the accusation valid, and the following day the Senate voted to strip Pérez of his immunity. Pérez refused to resign, but after the maximum 90 days temporary leave available to the President under Article 188 of the 1961 constitution, the National Congress removed Pérez from office permanently on 31 August. Pérez' trial concluded in May 1996, and he was sentenced to 28 months in prison. Second presidency cabinet (1989-1993) See also Second inauguration of Carlos Andrés Pérez First Presidency of Carlos Andrés Pérez Presidents of Venezuela References Bibliography History of Venezuela Carlos Andrés Pérez Pérez,