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The Venezuealan mess continues to grow
Posted by: McQ on Thursday, May 03, 2007

Let's see, he's nationalized the oil industry, threatened food producers and health care providers and now, apparently, it is the banks and steel industry's turn:
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."

It was not clear if Chavez was only referring to Venezuelan banks including Mercantil Servicios Financieros CA and Banco Provincial SA, or if he was also threatening major international banks with subsidiaries in the country, such as New York-based Citigroup Inc. and Spain's Banco Bilbao Vizcaya Argentaria SA and Banco Santander Central Hispano SA.

Chavez also warned the government could take over steel producer Sidor, which is majority controlled by Luxembourg-based Ternium SA. Shares of Ternium were down 4.9% in U.S. trading after Chavez's comments.

Sidor "has created a monopoly" and sold the bulk of its production overseas, forcing local producers to import pipes and other products from China and elsewhere, Chavez said.

"If the company Sidor ... does not immediately agree to change this process, they will obligate me to nationalize it," Chavez said.

"I prefer not to," Chavez added, as he ordered Mining Minister Jose Khan to immediately head over to Sidor's headquarters and come back with a recommendation with 24 hours.

"Sidor has to produce and give priority to our national industries ... and at low cost," he said.
Can't wait till Caracas begins to look like Havana. Of course they'll have to capture another decade for their look in Venezuela. Cuba has first claim on the '50s.
"I'm not deceiving anyone," Chavez said. "I'm only governing the country, and the country has elected me various times. ... All of those who voted for me backed socialism, and that is where we are heading."

I sure hope they don't settle on the '80s. How'd you like to have to look at that for 50 years?
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Previous Comments to this Post 

I sure hope they don’t settle on the ’80s. How’d you like to have to look at that for 50 years?
Aside from Reagan, TEN years was too long to look at the 80’s...
Written By: Scott
URL: http://
Who is John Galt..............

Written By: darohu
URL: http://
Well if they haven’t already done so I’d say the time has come for these banks to start shifting assets overseas...
Written By: John
URL: http://
We can only hope that this pending failure will send socialism to the grave in Latin America for good.
Written By: Grimshaw
URL: http://
I’m happy about this. My kids won’t have to compete with their kids in the global marketplace, since their kids will be backwards, starving peasents until they get their civil war/coup in 50+ years.

Yay socialism!
Written By: HappyDog
URL: http://
But Pelosi like him?! :)
Written By: cap joe
URL: http://
that they turn over the banks to me
My emphasis. A telling comment. Big surprise
Written By: looker
URL: http://
It’s just a big Monopoly game to him. He wants to own the whole board.
Written By: timactual
URL: http://

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