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Caracas, Venezuela – 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.
It was not clear whether Chavez was referring only to Venezuelan banks such as Mercantil Servicios Financieros CA and Banco Provincial SA, or also to major international banks with subsidiaries in the country, such as Citigroup Inc. and Spanish banks Banco Bilbao Vizcaya Argentaria SA and Banco Santander Central Hispano SA.
Chavez also warned that the government could take over steel producer Sidor, which is majority-controlled by Luxembourg-based Ternium SA.
