Chavez threatens private banks with sanctions

June 3, 2009 06:42

President Hugo Chavez on Tuesday threatened to sanction private banks that fail to collaborate with his government's regulations as it moves toward a socialist economy. Chavez says that banks are designed to intervene in the financial system and provide credit to people buying houses or producing food, rather than generating massive earnings for their owners. "If private Venezuelan banks don't follow the path, comply with the constitution and the laws, they'll have to be sanctioned," Chavez said. "The only way this government and this socialist project will accept private banks is if they fulfill their duty to intermediate, and join the government to promote economic development."

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