It’s unknown if further bank takeovers will occur in Venezuela; several foreign firms like Citigroup and Spain’s BBVA have units in the South American country.
Chavez’ plan was met with opposition by Venezuela's largest business chamber- Fedecamaras- who also rejected numerous presidential decrees enacted last month:
The new laws includes measures which would set up neighborhood-based militias, move the country towards a socialist economy and increase state control over agriculture.
The decrees met with opposition from Fedecamaras, the Venezuelan federation of chambers of commerce.
Jose Manuel Gonzalez, a business chamber leader of Fedecamaras, said: "We ask the president: Why does he fear democracy?"
He said that the package of laws included socialist concepts that voters rejected last year as part of a proposed overhaul of Venezuela's constitution.
"We are sure that this is nothing more than imposing the reform project that was rejected in December," Gonzalez said.
Image- AFP
Sources- The latin Americanist, International Herald Tribune, Al Jazeera English, Wall Street Journal, Reuters, Canadian Press
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