Venezuela says closing deal for Spanish-owned bank

[Judi Lynn]

Source: Business Week

The Associated Press May 13, 2009, 5:50PM ET
Venezuela says closing deal for Spanish-owned bank

CARACAS, Venezuela

Venezuelan President Hugo Chavez says his government is closing a deal to nationalize the local unit of Spain-based Banco Santander.

The socialist leader says his finance minister and bank representatives are negotiating the price. He plans to sign a purchase agreement May 22 for the subsidiary, Banco de Venezuela.

In a televised speech, Chavez said the deal will give Venezuela greater control over its economy.

Phone calls to the subsidiary were not picked up Wednesday evening.

Chavez announced last July that his government would nationalize the bank, but it has since been locked in negotiations over a purchase price.



Read more: http://www.businessweek.com/ap/financialnews/D985K1E81.htm

[L. Coyote]

1. Did the AP call Bush "the fascist leader"? "The socialist leader"

What's with calling him "The socialist leader" anyway?

[arcos]

3. Chávez has no problem with calling himself a socialist...

No one should have a problem if the media calls him socialist too. He is, after all.

[David__77]

2. I'm not sure that's so bad editorially.

He does make socialism the center of his political platform. He shares a great deal of the credit for reinvigorating the socialist debate, and the resurgent knowledge that collective forms of economy can serve the people very well. In no way do the majority of people equate socialism and fascism.

[MasonJar]

4. Actually under the Americans of late democracy is getting a bad name.

At least when he finishes paying, Chavez will have a bank. We, the taxpayers, pay the banks and get nothing but more debt.

[Judi Lynn]

5. Negotiations to nationalize Banco de Venezuela expected to end successfully

CARACAS, Thursday May 14, 2009
Negotiations to nationalize Banco de Venezuela expected to end successfully

Emilio Botín, the President of the Spanish group Banco Santander is confident that the discussions with the Venezuelan government to sell their branch in Venezuela "end satisfactorily." However, he avoided setting the date when negotiations can be concluded.

Botín answered to the questions from reporters in the northern city of Santander about the announcement made on Wednesday by Venezuela's President Hugo Chávez, who said that on May 22nd, both parties "must be signing a global document" with the agreement reached with Spain-based Grupo Santander to nationalize Banco de Venezuela, Efe reported.

"We are now negotiating with the government of Venezuela. I expect that everything will end satisfactorily," said Botín. The president of the bank recalled that the talks began in August last year.

President Chávez announced the nationalization of the Santander branch on July 2008. Since then, Chávez has announced different dates to complete the talks.

http://english.eluniversal.com/2009/05/14/en_eco_esp_negotiations-to-nati_14A2329525.shtml
opposition newspaper

[bitchkitty]

6. Good to know! Thanks for the link.

I've noticed a slight drop off in the negative Chavez attacks. Maybe it's a good sign.

Or maybe they're just working on their next dumb-ass catch phrase. Sigh...

[conspirator]

7. Go Chavez! We are in the 21st century, colonialist ties should all be cut nt

[Vidar]

8. Bravo Chavez!