Venezuelan banking crisis of 2009–2010

The 2009–2010 banking crisis in Venezuela occurred when the government took control of several banks following revelations that institutions owned by supporters of Hugo Chavez supporters were in financial trouble after engaging in questionable business practices. Some were seriously undercapitalized, others were apparently lending large sums of money to top executives, and at least one financier couldn't prove where he got the money to buy his banks in the first place." In November and December 2009 seven banks were taken over, accounting for around 12% of total deposits. In 2010 more banks were taken over. The government arrested at least 16 bankers and issued more than 40 corruption-related arrest warrants for others who had fled the country.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.