Venezuela threatens to nationalize banks

Por Venezuela Real - 4 de Mayo, 2007, 18:27, Categoría: Prensa Internacional

THE BOSTON GLOBE
May 3, 2007

Venezuela's President Hugo Chavez delivers a speech back dropped by a banner that reads in Spanish 'Oil Company on its way to socialism', to oil workers in Barcelona, Venezuela, Tuesday, May 1, 2007. Chavez's government took over Venezuela's last privately run oil fields Tuesday, intensifying a power struggle with international companies over one of the world's largest known petroleum deposit.

CARACAS, Venezuela --Venezuelan President Hugo Chavez on Thursday threatened to nationalize the country's banks and largest steel producer, accusing them of unscrupulous practices.

"Private banks have to give priority to financing the industrial sectors of Venezuela at low cost," Chavez said. "If banks don't agree with this, it's better that they go, that they turn over the banks to me, that we nationalize them and get all the banks to work for the development of the country and not to speculate and produce huge profits."

Chavez also warned the government could take over steel producer Sidor, which is majority controlled by Luxembourg-based Ternium SA.





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