Chavez Closes Banks- What's next?

On Monday, Chavez shut down four banks for “financial irregularities”. Two of the banks, Canarias, and ProVivienda have been closed permanently and their assets will be sold. Together the four banks formed 5.7 % of the banking sector when they were taken over on November 20^th by the Venezuelan government. Is this another step towards complete nationalization?

On Sunday during Chavez’s “Hello President” talk show he said that he would nationalize any banks, which will not lend to the poor or help Venezuela’s development.

In his usual rhetoric he warned: "I'm telling the private bankers, 'he who slips up loses', I'll take over the bank, whatever its size."

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