When former paratrooper and failed coup leader Hugo Chávez was elected president of Venezuela in December promising to do whatever was necessary to improve the lot of the bulk of the population, the country’s bankers weren’t sure what kind of treatment they could expect. They are beginning to find out.
Venezuela is in deep recession. Its GDP was 9.9% lower in the first half of this year than in the same period last year. The president has repeatedly blamed the banks for making the recession worse.
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