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Chavez threatens to nationalize banks By JORGE RUEDA, Associated Press Writer
1 hour, 50 minutes ago



CARACAS, Venezuela - Venezuelan President Hugo Chavez warned he will nationalize the country's banks and largest steel producer in an apparent bid to strong-arm the businesses to contribute more to local industry.

Delivered in a wide-ranging speech in which he promised Venezuela was headed for a classless society, Chavez's threat Thursday did not seem to signal an imminent takeover.

But coming alongside recent moves to nationalize telecommunications, electricity companies and the oil sector, the warning was yet another sign the Venezuelan leader is serious about deepening his socialist revolution.

"Private banks have to give priority to financing the industrial sectors of Venezuela at low cost," Chavez said. "If banks don't agree with this, it's better that they go, that they turn over the banks to me, that we nationalize them and get all the banks to work for the development of the country and not to speculate and produce huge profits."

Sidor "has created a monopoly" and sold the bulk of its production overseas, forcing local producers to import pipes from elsewhere, Chavez said.

The company should be giving priority to supplying national industries, he said, ordering Mining Minister Jose Khan to come back from Sidor's headquarters with a recommendation in 24 hours.


http://news.yahoo.com/s/ap/20070504/ap_on_bi_ge/venezuela_chavez

[cbclark4]

Chavez is a fascist!

cbc

[MissSeoul]

How long he is going to be in power ?
I think sooner or later CIA will do something.