Venezuela closes eighth bank in less than two weeks

Venezuela’s government closed private bank in another country BaNorte. This is the eighth financial institution closed for the past eleven days. Commerce Bank BaNorte is simple with its license after government experts reached the conclusion that the bank does not strictly fulfill its obligations to customers. This pretext was used for closure of the previous seven financial institutions.

In each one of them Venezuelan authorities discovered major violations, according to them led to a crisis in the private financial sector. Government action in latinoamerikanskarta country did not completed the closure of most private banks.
In recent weeks, financial machinations were arrested at least 10 financiers, managers of banks and senior officials, according to authorities who benefited from his official position for personal benefit.
Venezuelan President Hugo Chavez justified the closure of banks by saying that these actions demonstrate the resolve of the government to fight corruption in a crisis. Chavez supporters to their stressed that the closure of banks by the authorities are trying to protect the financial sector.

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Finance