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Chavez Vows To Take Over Banks, Steel

From his fans at the Associated Press:

Chavez threatens to nationalize banks

By JORGE RUEDA, Associated Press Writer

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. Shares of Ternium fell 3.9 percent to $26.15 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 tubes 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…

Well, why not?

This article was posted by Steve on Thursday, May 3rd, 2007. Comments are currently closed.

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