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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Chavez threatens to nationalize Venezuelan banks Sun Nov 29, 2009 9:13pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Walker Simon CARACAS (Reuters) - Venezuelan President Hugo Chavez said on Sunday he could nationalize private banks for refusing to lend to the poor and for failing to sufficiently aid in the country's development. In his weekly television show, Chavez said the purpose of banks was not to enrich a small group of people but to help 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." Speaking during his weekly TV show "Alo Presidente," he added: "I'm telling the country's private bankers, 'he who slips up loses, I'll take over the bank, whatever its size." In power for a decade, socialist Chavez has nationalized broad swathes of the economy since 2007, including the country's biggest telephone, electricity companies and $30 billion in projects to extract crude from tar-like sands. Chavez said the banks' role "should be to collect funds and savings to help aid the country's development by making loans, extending credits for housing." Despite the rebound in oil prices from last year, OPEC member Venezuela's economy in the third quarter contracted 4.5 percent compared with a year earlier. It was the second straight quarterly drop and local economists said Venezuela was now in recession even though the government has not formally said that. Chavez Sunday drew no explicit link between any specific bank and the country's economic ills. Four small banks were put under state administration on November 20, out of concerns including their credit portfolios. The banks accounted for about 6 percent of the country's deposits. Ten other banks account for 70 percent of deposits. Chavez spoke Sunday for six hours in his show broadcast from a black bean farm recently nationalized in the central state of Lara. He sat behind a table strewn with books, documents and maps. His banking nationalization threats on Sunday appeared to be broader in scope than his well-publicized warnings in recent years to nationalize Spanish-owned banks in Venezuela. He repeatedly threatened to seize Spanish bank subsidiaries in Venezuela unless Spain's king apologized for telling him to "shut up" in November 2007 at a regional summit where Chavez branded a recent ex-Spanish prime minister a fascist. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Former guerrilla wins Uruguay presidential run-off Taliban may wait out Washington's "endgame" Washington's hint of an Afghanistan endgame in saying U.S. troops won't still be there in 2017 might help win over a war-weary public, but there is no guarantee a notoriously patient Taliban won't just wait the Americans out. 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