Oscar Vidarte ^* Andrea Rivas

• Pontifical Catholic University of Peru, Lima, Peru

This research seeks to understand the bases that made possible the leadership of Peru, a medium-sized country in Latin America, in the creation and development of the Lima Group -a multilateral mechanism whose main objective was to find a way out of the crisis of democracy in Venezuela-, as well as the subsequent failure of this leadership. For this purpose, and making use of the tools provided by Neoclassical Realism theory, it is established that this leadership was possible not only because of the importance acquired in the international agenda the deepening of the Venezuelan crisis since 2015, but also because changes in regional and global power dynamics, which will allow a medium-sized country such as Peru in Latin America to exercise such leadership and generate greater interest for the U.S. In addition, the existence of a favorable politic domestic scenario and defined interests led the Peruvian government to develop such leadership as something positive not only for the region but also for Peru. However, although the Venezuelan crisis remained on the international agenda due to the permanence of Nicolás Maduro's regime in power, since 2018 the hardening of the U.S. position regarding Venezuela and political changes at the regional level, fractured the Lima Group and affected Peru's leadership. It should be added that, domestically, there were also political changes that generated a high level of instability and weakened Peru's external position. Likewise, the increase of the Venezuelan migration and the COVID-19 pandemic changed the priorities of Peruvian foreign policy, affecting Peru's interest in the crisis in Venezuela and explaining the failure of its leadership.