Skip to comments.Chavez threatens Venezuela unit of Spain's BBVA bank
Posted on 12/08/2010 11:15:04 AM PST by dynachrome
Venezuela's President Hugo Chavez on Tuesday threatened to expropriate any bank that stands in the way of ambitious plans to finance homebuilding and he made specific mention of a unit of Spain's BBVA.
The left-wing president has made similar threats in the past, but most analysts doubt he wants to take over the whole banking system. In recent days a close Chavez aide has twice said BBVA's Provincial unit is up for sale, a claim denied by the bank.
Chavez has accelerated a program of nationalizations throughout the economy since September as he rushes to make the state the key player in most areas of the economy in South America's top oil exporter before presidential elections in 2012.
After the government took over a string of small failing banks over the last year, the public sector now controls about a third of the banking system. Some analysts think that could grow to about 50 percent in the medium-term.
(Excerpt) Read more at reuters.com ...
foreign banks should be moving their money OUT
Chavez has a fool proof plan, just blame the United Sates for the economic failure of his policies. What is interesting is that Obama also blames America for the failure of his plans. They are truly brothers in spirit.
Nationalize it all.
You and your buddy Sean Penn can easily hold off the mob and the military from other countries that come to un-nationalize all the companies he takes over.
Remember, when a bunch of angry citizens come in looking for blood just have your amigo Sean tell them that you are NOT a dictator because you were elected. Have him do a goofy Spicoli imitation and they will be so delighted that they will forget about you ruining their economy and causing their children to starve.
Also, don't forget to make your people believe in the AGW goblin. You can REALLY ruin Venezuela's economy quickly with that grift!
In other news:
Francisco d’Anconia closes his San Sebastian copper mine.