Great Britain, Germany, and Italy made it clear to the United States that they did not want to make Venezuela a colony and just wanted to recover the debt that was owed. United States foreign policy was based on the Monroe Doctrine that found any attempt by the Europeans to take possession of former Spanish colonies in the Western Hemisphere as acts of aggression against the United States requiring United States intervention
They probably felt that the debt of sixty-two million bolivars was not worth it as the price of war with the United States. Great Britain, Germany, and Italy were probably too busy with their own colonies around the world.
The crisis ocurred in 1902 in the same year that much of the Great White Fleet was ordered.
If Great Britain, Germany, and Italy had felt that the issue was worth asserting, I wonder if the forces of the United States would have been defeated. Great Britain at the time had the world's largest navy. Would this defeat have affected TR's "Big Stick" policy? Would he have shown off the new United States Navy with the Great White Fleet circumnavigation cruises? Would this defeat have affected the United States' efforts to build the Panama Canal?