In mid-March, Brazilian construction company Odebrecht said it was slowing work on the Caracas metro because the government had not paid some bills.
Chavez’s nationalization drive is also eating into the coffers. According to the Caracas consulting company Ecoanalitica, the Venezuelan government owes $10.2 billion for companies it has taken over, including Banco de Venezuela, which was owned by Santander and Holcim Venezuela, a subsidiary of global cement company Holcim. Despite these debts, Chávez continues to seize companies.
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