On Friday, Hugo Chavez and the government of Venezuela officially purchased Banco de Venezuela. Although the agreement to buy the bank was made in May, the first payment was completed this week.
Banco de Venezuela had owners, Grupo Santander, in the country of Spain. The selling price was reportedly more than one billion. Venezuela’s government will make three separate payments to complete the transaction by the end of the year.
With more than 3 million customers, Banco de Venezuela reportedly handles about 10% of the deposits in the country. It’s now estimated that the Venezuelan government is in charge of more than …read more

Pfizer recently shut down one of its Venezuela plants, a move that has drawn much criticism from Venezuelan officials because of the fact that the U.S. drug company provides much needed medicine for large parts of the South American country.
The move would comprise just one of a growing trend of nationalized business in the country thanks to socialist leader Hugo Chavez. Venezuela’s rice business, as well as several oil and iron companies, has been taken over by the government already and Hugo Chavez has been advised by the Venezuelan trade minister to do the same with one of Pfizer’s plants.
Although …read more

Hugo Chavez, the controversial President of Venezuela, is one of the many world leaders searching for ways to survive during these difficult economic times. In Venezuela, the economy has been negatively affected by slumping oil prices.
Chavez recently outlined a plan that will cut spending deemed unnecessary by federal employees. Examples of spending that will be cut includes money paid toward everything from new automobiles to cell phones to lavish parties. Chavez also plans to reduce the yearly income of many of those employed by the Venezuelan government.
Another way Chavez plans to boast Venezuela’s economy is raising taxes. According to reports, …read more