Venezuela bank says, "We're not selling". Chavismo says, "We're not buying... we're taking!"

[GatoGordo]

Juan Carlos Escotet: "Banesco is not for sale"
"Today more than ever, my bet is for Venezuela," said the president of the entity

Juan Carlos Escotet, president of Banesco, denied on Thursday the rumors about the sale of the bank.

"As I said in 2014, children do not sell, that's what even my grandchildren know. Banesco is not for sale. Today more than ever my bet is for Venezuela, "he said.

Escotet spoke after Diosdado Cabello, first vice president of the United Socialist Party of Venezuela (PSUV), affirmed in his program that this week they were beginning negotiations with the bank.

"This week we must start negotiating with Banesco, we are going to buy Banesco, Banesco put it on sale, cheap, really cheap, we thank Escotet very much for giving us these facilities, like three and a half million dollars. It's ok right? This week we already make the formal offer, and Banesco will become part of the public bank," said the official leader.

Since December 28, Cabello announced the possibility of nationalizing Banesco, whose owner accused him of wanting to buy the state's shares at the balance price, and assured that President Nicolás Maduro was willing to buy the entity.

The official leader maintained, without stopping talking to Escotet: "We are going to buy it at the price you wanted to buy the state shares. What is the same for the turkey should be the same for the turkey, I say, "he said.

http://www.el-nacional.com/noticias/economia/juan-carlos-escotet-banesco-esta-venta_218291

Backstory: Escotet offered to buy out Chavismo's share of the banks assets (a small percentage). Chavismo said, "Sure! Pay us the in dollars and we'll sell."

Escotet refused, then Chavismo countered with, "We'll buy your bank, and we'll pay you in Bolivars... at the Dicom rate! (10BsF : $1) Escotet refused again, and now Cabello says, "We'll just take it anyway..." Even the Chavistas know that their currency is worthless.

[DetlefK]

1. And then they wonder why foreign investors don't want to send money to Venezuela.

[Fred Sanders]

2. Wonder no more:

https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_other.aspx#venezuela

And of course America will sanction any entity claimed to have violated the all in sanctions amounting to an economic blockade...how would any country do?

[GatoGordo]

3. Dealing with bankers is easy

Dealing with the NarcoDictatorship of Maduro is the tricky part. Because that is all that the US sanctions are... Americans cannot deal directly with the Chavista hierarchy (the sanctions), and US business holdings cannot restructure their current debt with the regime.

Chavismo is blockading itself. He has made investing in Venezuela a fools wager. His currency is worthless. Nobody will lend him a dime. He has to pay a simple $20 million debt to China in installments over several years.

But that doesn't keep MadBurro from blaming everyone (US, EU, Colombia, Portugal, Guyana, Aruba, Bonaire, Curacao, etc etc) for his complete incompetence. Because that is what Stalinists do.