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Venezuela Takes Over Bancoro

   VOA News 16 October 2010

   The  Venezuelan  government  has taken over the Bancoro bank, the 13th
   financial institution the government has seized in the last year.
   Venezuelan   Finance  Minister  Jorge  Giordani,  speaking  Friday  in
   Caracas,  said  that  the  government  decided  to  intervene  in  the
   operations  of  Bancoro  because of liquidity problems and significant
   financial losses.
   Venezuelan  President  Hugo  Chavez  says he will nationalize any bank
   that  fails  to  meet government lending guidelines or is in financial
   trouble.  The government began taking over small and midsized banks in
   November of 2009, citing irregularities.
   In  recent  years,  Mr. Chavez has nationalized firms in many sectors,
   including  petroleum,  communications,  electricity,  agriculture  and
   banking.
   Critics say he is trying to model Venezuela on communist-led Cuba, but
   Mr.  Chavez  has  said  he  is  working  to  improve  the lives of the
   country's impoverished majority.

   Some information for this report was provided by AP, AFP and Reuters.

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