Venezuela launches state-run bank

New state-run bank comprised of three banks earlier put under government control.

    Chavez showed an advertisement for the new state bank in a ceremony on Monday [AFP]
     

    The expanding state role comes as Chavez continues to accuse his opponents of trying to provoke panicked withdrawals from banks to harm his government.

    The government has been absorbing losses at some of the closed banks, including more than $43 million in losses at Bolivar, Central Bank and Confederado before regulators took over management.

    Five other small banks where authorities have intervened recently, remain closed: Canarias, Real, ProVivienda (BanPro), Baninvest Banca de Inversion and BaNorte.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    'Just another Indian': Surviving Canada's residential schools

    'Just another Indian': Surviving Canada's residential schools

    A survivor of schools that took Indigenous children from their families shares her story of abuse, neglect and healing.

    'Butchered': The Kenyan FGM clinic serving Europeans

    'Butchered': The Kenyan FGM clinic serving Europeans

    Kenya banned FGM in 2011, but Europeans still bring their daughters to underground clinics there to be cut.

    What it means to love a dead child

    What it means to love a dead child

    You must forget all you thought you knew about grief when the landscape of your life has been demolished.