Venezuelan bank takeovers

Venezuelan President Hugo Chavez is threatening to take over more banks, after the government has nationalised four lenders and jailed their owner on 20 November.

“If I need to take over all the Venezuelan banks, I’ll do it,” Chavez told state television. “Gentlemen of the oligarchy, the bank that slips will be taken over. This sort of situation allows us to sharpen our swords. The ones who should be taking care now are the private bankers, because I’ve got my eye on them.”

Unsurprisingly, Chavez’s fighting words have plunged the Venezuelan economy into chaos, and have not exactly calmed depositors!

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