Socialismo is on the march

From Kommersant: Chavez Threatens to Take Over All Private Banks

Venezuela’s President Hugo Chavez has threatened to take over all private banks and the country’s biggest steelmaker, Ternium-Sidor, BBC reported. But no take-over will happen if the banks and the firm work in the national interest, the leftist president promised.

For this purpose, private banks should give priority to funding local industry at low cost, while Ternium-Sidor should supply product to domestic market at low prices.

Otherwise, the banks will be nationalized and forced to work for the development of the country instead of speculating and generating huge profits, the president threatened.

But it is yet unclear whether Chavez has also meant foreign banks with affiliates in Venezuela.

On May 2, Chavez announced Venezuela took control of remaining oil fields previously developed by private companies.