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Chavez in move to nationalise Venezuela banks
Calcutta News.Net
Sunday 29th January, 2012
Hugo Chavez, the president of Venezuela, has told local banks they will be nationalised if they don't help boost the agriculture sector.
Mr Chavez said on Sunday the banks would need to issue credit to small farmers and finance agricultural projects backed by his government.
Accusing the country's major banks of holding out on credit, he said it was essential they should comply with new laws whereby at least 10% of their lending should support development.
He said there would be no acceptable alternative to nationalisation, exclaiming: "If you can't do it, give me the banks"
Naming the Banesco, Banco Mercantil and Banco Provincial as offenders, he accused them of favouring loans to larger, more influential landowners.
The Venezuelan government has taken over several private banks in recent years, paying the owners out.
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