Hugo Chavez, president of Venezuela, has announced plans to nationalise Bank of Venezuela (Banco de Venezuela), one of the country's largest banks currently owned by Grupo Santander.
This is not the first nationalisation of Banco de Venezuela. It was nationalized in 1994 after a massive banking crisis which bankrupted 60 percent of the banking sector, privatized again 2 years later in 1996 and bought by the Spanish banking giant Grupo Santander for only 430 million US dollars.
Chavez was quoted as saying "Ladran, luego cabalgamos" (the dogs bark, therefore the caravan is moving).
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