CARACAS, Venezuela - President Hugo Chavez's government assumed control of Venezuela's third-largest bank on Friday — making the state the largest player in the nation's banking system. The purchase of the Spanish-owned Banco de Venezuela gives Chavez's socialist government control over more than one-fifth of bank deposits as he tightens his grip over the economy. The acquisition will "strengthen the public banking system," which favors sectors including agriculture, energy, housing and tourism, Finance Minister Ali Rodriguez said in a statement. In May, the Venezuelan...
photo: AP / Cumbre Iberoamericana
