Honduras - Country history and economic development

1502. Christopher Columbus visits Honduras on his third voyage to the New World.

1524. Spanish colonization of Honduras begins.

1537. Native Honduran Chief Lempira murdered by the Spaniards.

1821. Honduras gains independence from Spain and joins the Central American Federation.

1830. Francisco Morazan becomes the nation's first president.

1842. The Central American Federation falls apart. Morazan is murdered.

1870s. A revolution takes place. Church and state are separated under Marco Aurelio Soto.

1880s. Partido Liberal, one of the dominant political parties, is founded by Celeo Arias.

1899. First banana concession is granted to Vicaro brothers, later becoming Standard Fruit (Dole).

1902. Manuel Bonilla establishes the Partido Nacional.

1907. The Cuyamel Fruit Company is set and is later bought by United Fruit (Chiquita).

1929. Honduras becomes the largest banana exporter in the world.

1954. A banana workers strike establishes unionized labor and gains recognition from the government.

1956. The Honduran military takes control of the government.

1957. Civilian rule is restored. Ramon Villeda Morales is elected president.

1957. Morales promotes social reforms, and Honduras joins the Central American Common Market.

1963. Statist General Oswaldo Lopez Arellano takes control of the government in a military coup.

1981. Honduras again returns to civilian rule.

1982. Debt crisis sparks fiscal austerity.

1989. Rafael Leonardo Cellejas of the Partido Nacional is elected president. He makes moderate reforms.

1994. Carlos Roberto Reina of the Partido Liberal becomes president, inheriting wide public sector debt.

1998. President Carlos Flores Facusse (PL) decentralizes the government and privatizes the economy.

1998. Hurricane Mitch hits Honduras with devastating force.

1999. Honduras receives US$3 billion in loans to help finance reconstruction after Hurricane Mitch.

2000. Honduras qualifies for debt relief under the Debt Initiative for Heavily Indebted Poor Countries (HIPC).