"Any bank that slips up…I'm going to expropriate it, whether it's [BBVA] Banco Provincial, or [local banks] Banesco or Banco Nacional de Crédito," Mr. Chávez said Tuesday night.
I think expropriation represents failure, don't you? Do you imagine Chavez is likely to reimburse the 'Fat Cat' international investors who are gunning for him in the event of the failure of Venezuela's larger banks? I think not. Consequently, many are pulling their deposits and trying to become liquid before the next shoe drops, hence the international alarm call in so many of the financials, Bloomberg, WSJ, Reuters, etc, all reporting from a different perspective.
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