Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE WORLD THIS WEEK

The World This Week - 01 August 2014 (part 2)

Read more

MEDIAWATCH

Coverage of Gaza in the Israeli media

Read more

REPORTERS

1914-1918: The Depths of Hell

Read more

THE WORLD THIS WEEK

The World This Week - 01 August 2014

Read more

THE INTERVIEW

Exclusive: Israel's US ambassador speaks to FRANCE 24

Read more

#THE 51%

World War One: The war that changed women’s lives

Read more

FRANCE IN FOCUS

Ségolène Royal goes for green

Read more

THE OBSERVERS

A look back at some of the Observers' best stories

Read more

DEBATE

Argentina Defaults: Kirchner Cries Foul Over 'Vulture Funds' (part 2)

Read more

  • Israeli soldier feared captured, ceasefire 'over'

    Read more

  • Exclusive: Israel's US ambassador speaks to FRANCE 24

    Read more

  • Police 'chokehold' caused NYC death, coroner rules

    Read more

  • Air France ground workers to strike on August 2

    Read more

  • Rogue general denies Islamist seizure of Benghazi

    Read more

  • Ugandan court strikes down anti-gay legislation

    Read more

  • 1914-1918: The Depths of Hell

    Read more

  • Regional summit to tackle deadly Ebola outbreak

    Read more

  • French hospital to open wine bar for terminally ill patients

    Read more

  • Video: Tipping is dying out in French café culture

    Read more

  • €2.5 million in cocaine ‘disappears’ from Paris police HQ

    Read more

  • Appeal court keeps French rogue trader Kerviel in jail

    Read more

  • Interactive: France’s new plan to counter jihadism in Africa

    Read more

  • Ukrainian army suffers losses in separatist attack

    Read more

  • Argentinian markets plummet following default

    Read more

  • French Jews speak of growing fear in Paris amid Gaza conflict

    Read more

Americas

Chavez orders two more banks to be nationalised

Text by News Wires

Latest update : 2009-12-04

Venezuela's leftist President Hugo Chavez said on Thursday that he had ordered two more banks to be nationalised amid an inquiry into their alleged accounting irregularities. Chavez earlier this week dissolved two other private banks.

AFP - Venezuela's leftist President Hugo Chavez said Thursday he had ordered the nationalization of two more banks shut down by his government to investigate alleged accounting irregularities.
   
News that the two privately owned banks, Confederado and Bolivar, were the latest targets of Chavez's efforts to remake the economy prompted Venezuela's currency and bonds to plunge in open trading.
   
"Once they have been rehabilitated the Bolivar and Confederado banks will become part of the public financial system," Chavez told a televised meeting of economic ministers.
   
Chavez earlier this week dissolved two other private banks -- Banco Canarias and BanPro -- after a series of nationalizations in other sectors.
   
Since taking office in 2007, Chavez has moved to control firms in the electricity production, cement, steel, oil services and banking industries.
   
More than 70 percent of the Venezuelan banking sector is privately owned, but the state has become the main financial actor, having nationalized in May Banco de Venezuela, the country's third-largest bank and previously under the ownership of Spanish group Santander.
   
Chavez has indicated he may target more private banks, which he accused of having forsaken their lending "mission" in order to specialize in "financial speculation."
   
This comes against the backdrop of a slowing Venezuelan economy.
   
According to JP Morgan, a US-based financial services firm, gross domestic product will shrink 2.5 percent this year, as foreign investment and the current account balance also worsen.

Date created : 2009-12-04

COMMENT(S)