Private banks Must Help Country's Progress

Nov. 30. (Hamsayeh.Net) - Venezuelan President said he would nationalize all the private banks since they refuse to lend money to the poor causing a slowdown in economic development of the country. Reuters reported.

Hugo Chavez speaking on a weekly television show said the private banks aren't obligated to enrich small people but rather help speed up the development of the country including extending housing credits.

Addressing himself to ‘all the country's private banks," he rhetorically asked: "You want me to nationalize the banks?’

'I have no problem with that because the banks don't want to extend credit to the poor, they don't comply, they don't want to comply with the bank's purpose for existence’ He said.

He later warned that he would tell the country’s private bankers that he will take over their the banks whatever the size.

Venezuela, a leading OPEC member, has gradually moved in the direction of nationalization of its oil, financial and communication sectors in a move that aims to break Western monopoly on its economic system from the past.

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